Published: October 20, 2014
IFC leads financiers to close US$207.5mn package to back construction of seven plants.
A US$207.5mn funding package has been finalised that could help Jordan to become the leading supplier of renewable energy in the Middle East.
The debt funding will back seven solar power projects, which make up most of the 12-project first round in the government’s solar power programme. The plants have a combined capacity of 102 megawatts, and will be Jordan’s first private industry-scale solar photovoltaic parks. They’re being developed and built by separate consortia of Jordanian and international investors.
The World Bank’s International Finance Corporation (IFC) arm, which has arranged the funding, has put forward US$91.5mn, with a further US$116mn from Arab Bank (Bahrain), European Arab Bank, Dutch development bank FMO, FinnFund and OPEC’s Fund for International Development.
Law firms White & Case and Obeidat Freihat advised IFC on structuring the funding packages.