ACWA Power closes financing for 61.3MW PV project in Jordan

Facebook
Twitter
LinkedIn
Reddit
Email
The power purchase agreement and the transmission connection agreement for the project were signed with utility NEPCO back in March 2017. Image: Acwa Power

Saudi energy company ACWA Power has reached financial closing on a 61.3MW PV project that it is developing in the Risha region of Jordan.

ACWA Power noted that the financing is comprised of senior loans of US$22 million from the European Bank for Reconstruction and Development (EBRD) and US$16 million each from Deutsche Investitions- Und Entwicklungsgesellschaft Mbh (DEG) and Arab Bank to Risha for Solar Power Projects PSC.

The power purchase agreement and the transmission connection agreement for the project were signed with utility NEPCO back in March 2017.

Once completed, the 61.3MW PV project has the generation capacity to power 12,000 households annually.

Thamer Al Sharhan, managing director of ACWA Power, said: “This is an important milestone for the project. Having closed the financing, we are now looking forward to successfully building the plant and commencing in the commercial operations by Q3-2019. Our goal is to reliably deliver clean energy at the lowest ever tariffs for Jordan.”

29 November 2022
PV ModuleTech EMEA in Madrid on 29-30 November 2022 will address the factors underpinning the changing PV module landscape, gathering together all the key stakeholders across the value-chain from module production to field testing. Join us for presentations from the leading players in the sector, clearly identifying the opportunities and challenges set to impact module supply to Europe and the Middle-East over the next few years.

Read Next

PV Tech Premium
October 5, 2022
Bruce Huber, CEO at Alexa Capital, explores how high levels of inflation impacts solar PV project revenues and costs.
October 5, 2022
A patchwork implementation of the EU’s power revenue cap could stall renewables development and dent investment, according to LevelTen Energy, a power purchase agreement marketplace operator.
October 5, 2022
The Arkansas Public Service Commission has approved Entergy Arkansas’ 250MW Driver Solar Project located near Osceola in Mississippi County.
PV Tech Premium
October 4, 2022
Maxeon’s interim CEO talks to PV Tech about capacity expansions, smart home solutions and the company’s search for a new CEO.
October 3, 2022
Australia’s Renewable Energy Agency (ARENA) has launched a AUS$43 million (US$27.7 million) Industrial Energy Transformation Studies Program aimed at identifying opportunities to reduce energy costs and emissions in the country’s industrial sector.
October 3, 2022
Residential solar systems in the US continue to grow in size at the same time as battery attachment rates increase, according to LBNL.

Subscribe to Newsletter

Upcoming Events

On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)
Solar Media Events
November 29, 2022
Malaga, Spain