Dubai-based investment company Adenium Energy Capital is to co-develop a 10MW PV power plant in Jordan.
The project is the company’s first outside Italy and Japan and will be located at the Ma’an Development Park and valued at around US$26 million.
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Adenium said that it was partnering with Bright Group Investments on three projects totalling the 10MW, which has recently received a PPA of U.S.$0.169/kWh for 20 years with the National Power Electricity Company in Jordan and is expected to be grid connected by the second quarter of 2015.
Wassef Sawaf, CEO of Adenium said, “This project is a groundbreaking development for solar power in Jordan and the region. Our solar project is going to generate power from a clean source of energy, increasing Jordan’s energy independence. Moreover, this will present great economic savings to the Jordanian government, a solution we are proud to be part of. As for Adenium, this represents an important achievement in our region, making our investment one of the few private renewable energy investments in the Middle East.”
The company noted that it would be finalizing construction contracts and financing for the projects over the next few months and is its third solar infrastructure investment vehicle in the last two years, which adds to its 65MW portfolio in Japan and 60MW in Italy.