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Add to Preferred SourcesThe International Finance Corporation (IFC) announced Tuesday that a total funding package of $188 million to support Jordan’s largest photovoltaic solar power plant. The step is part of IFC’s contributions to foster the Kingdom’s renewable energy sector and satisfy the rising demand for energy, a situation partially triggered by the refugee crisis.
The funding pack, which will go for the Baynouna solar energy project currently being developed by Abu Dhabi Future Energy Company (Masdar), was collected from the IFC $54 million, while a sum of $134 million was provided by other lenders ; Japan International Cooperation Agency (JICA) which extended $54 million, Europe Arab Bank, Dutch development bank, Organization of the Petroleum Exporting Countries (OPEC) and the German Development Bank.
An IFC statement said investing in Baynouna marks the first time JICA played a hands-on role in private sector financed projects in the Middle East.
CEO of Masdar, Mohamed Jameel Al Ramahi, said the participation of a diverse range of funding institutions in assisting Baynouna mirrors the high international standing of the IFC and its long track record of cooperation with private sector in emerging markets during the last six decades.
“Obtaining the necessary funding from various lenders is a testimony of growing worldwide interest in renewable energy projects that are commercially viable in Jordan and the Middle East and North Africa region”, said Al Ramahi.
The 248-megawatt power plant will supply energy at lower cost than the average expense of electricity in Jordan, and will reduce the power generation costs in the long term.
IFC Regional Director Mouayed Makhlouf, pointed out that green energy was one of the cornerstones of the IFC’s work in the region and worldwide.
He said the IFC was pleased to support Jordan’s endeavors to meet its growing demands for energy, in an effort to make the Kingdom a paradigm of renewable energy investments.
Original source: Jordan News
Published on 16 January 2018