Abdul Latif Jameel Energy closes $65 mln funding for Jordan solar plant

26/09/2017 Argaam

Fotowatio Renewable Ventures (FRV), a wholly-owned subsidiary of Saudi Arabian Abdul Latif Jameel Energy and Environmental Services, has closed a $65 million financing from the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO) to develop Jordan’s Al-Safawi solar plant.

 

The loan will be granted to Al-Safawi for Green Energy PSC, a Jordanian firm, which is 70 percent owned by FRV and 30 percent owned by Arabia Trading & Consulting Co. Ltd (ATC).

 

Abdul Latif Jameel Energy’s third project in Jordan following Mafraq I and II will power more than 120,000 homes and generate 435 million kilowatt/ hour of electricity annually in Jordan, the Saudi firm said in a statement.

 

Development of the 51 megawatt plant includes the design, financing, construction and management of the operation and maintenance (O&M) services of the photovoltaic plant, spanning 170 hectares.

 

TSK was awarded the EPC contract for the project, which is expected to provide 240 jobs during its construction, the statement added.

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