IFC and Canada provide US$76 million for 50MW solar plant in Jordan

Facebook
Twitter
LinkedIn
Reddit
Email
Set to operate at US$6.9 cents/kWh, the PV plant is to provide some of the country's lowest-cost electricity. Source: ARAVA POWER.

The International Finance Corporation (IFC) and the Canadian government have partnered up to finance Jordan’s latest US$76 million solar plant.

The 50MW PV plant is to be built by FRV, part of Abdul Latif Jameel Energy (ALJ), and will constitute the first solar power plant in Mafraq. According to the IFC, the plant will supply power at US$0.069/kWh; a price far below Jordan’s average cost of electricity and among the lowest for solar worldwide. The plant is scheduled to be operational by 2018 and will represent around 1% of Jordan’s overall generation capacity by supplying about 155 million kWh annually.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The financing package includes US$21 million from the IFC-Canada Climate Change Programme but is also part of a wider IFC initiative to help Jordan transform its power resources, as the region is particularly known for its oil. In addition to the US$76 million from IFC and the government of Canada, IFC also mobilised financing for FRV’s solar plant from other investors, including US$12 million from the Dutch development bank FMO, US$8 million from Europe Arab Bank (EAB), and US$5 million from the Finnish development financier FinnFund. The IFC-Canada Climate Change Programme also contributed US$2.4 million in a C-loan.

“In Jordan, the demand for power is growing rapidly,” said Mouayed Makhlouf, IFC director for the Middle East and North Africa. “Privately-owned power companies, with their expertise and financial clout, have a vital role to play in bringing new generation capacity online at a lower cost which in turn will help the  government to provide Jordan's economy with the energy it needs to grow.”

“This is our first plant in Jordan and the country has tremendous potential when it comes to renewable energy,” added Tristán Higuero, COO from FRV. “By tapping into the power of the sun, we can help provide the country with affordable, clean energy and support a green growth path.”

The 50MW Mafraq plant is the first of four PV planned under the Jordanian government’s second round of solar projects, as the country works towards its goal of 10% renewables by 2020. Jordan's energy ministry recently announced plans for another round of solar and wind tenders

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

August 1, 2025
DSD Renewables has raised US$238 million to bolster its portfolio of solar projects in 12 US states plus the District of Colombia.
August 1, 2025
The Q3 edition of our downstream solar PV journal, PV Tech Power, is now available to download.
Premium
August 1, 2025
Sustained private investment into UK solar is starting to produce results, at least with regard to the role of solar power in its energy mix.
August 1, 2025
US solar module manufacturer First Solar saw sales and net profits increase in Q2 2025, as it forecasts a strong performance under the Trump administration’s industrial and trade policy changes.
August 1, 2025
Western Australia network operator Western Power has confirmed it has granted two more network connection offers to two new large-scale renewable energy projects, bringing its total for 2024/25 to 759MW.
August 1, 2025
Dutch pension fund APG has agreed to provide Octopus Australia with AU$1 billion to support its solar, wind, and BESS portfolio.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK