The European Bank for Reconstruction and Development (EBRD) is considering providing a senior secured loan of up to US$26.1 million for the construction of Sunrise Solar Energy’s 50MW solar PV plant in Jordan
The project is located within the King Hussein Bin Talal Development Area, an industrial zone near the city of Al Mafraq in Mafraq Governorate, 80km north of Amman.
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The total cost of the project is 70.6 million and it marks the transition from a feed-in tariff model during the government’s Round 1 direct proposals process for solar plants, to a tender process in which the tariff is set competitively as part of Round 2.
Four international companies were awarded 50MW solar PV projects each under Jordan’s Round 2 solar PPA tender in May 2015, with Sunrise’s bid signalling that solar had become cheaper than natural gas for power generation.
Jordan has set a target to have 10% of its energy mix come from renewables by 2020.
This article has been revised to say that Jordan's target is 10% of energy mix (rather than electricity demand) coming from renewables by 2020.