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Masdar appoints IFC to oversee funding of Jordan’s largest solar project

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Staff Writer | January 19, 2017
Abu Dhabi’s renewable energy company Masdar selected the International Finance Corporation (IFC), a member of the World Bank Group, to oversee the funding of the largest solar power plant in Jordan.
Jordan solar
Green energy   A 200 megawatt photovoltaic facility
This is a 200 megawatt (MW) photovoltaic facility being developed by the wholly owned Masdar subsidiary Baynouna Solar Energy Company (BSEC).

At the Abu Dhabi Sustainability Week today, Masdar’s Chief Executive Officer Mohamed Jameel Al Ramahi and Chief Financial Officer Niall Hannigan signed a finance mandate letter with Eric Becker, IFC’s Manager of Infrastructure for the Middle East and North Africa.

This announcement follows the signing of a power purchase agreement, PPA, in October between Masdar and the National Electric Power Company, Jordan’s state electricity provider.

Expected to break ground later this year, the 200 MW plant will be built just 10 km away from Jordan’s capital Amman.

When connected to the national grid, it will supply the annual power requirements of around 110,000 homes and do away with an estimated 360,000 tonnes of carbon dioxide emissions each year.

The project follows the launch of the 117 MW Tafila wind farm in Jordan in December 2015, the Middle East’s largest onshore wind power development. Masdar has a 31 percent stake in Tafila, with InfraMed (50 percent) and EP Global Energy (19 percent) holding the rest.

The combined output of Tafila wind farm and the Baynouna solar project will account for nearly 18 percent of the 1.8 gigawatt (GW) of renewable energy that Jordan plans to instal by 2020.