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

27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

June 14, 2024
PV Tech's coverage of the SNEC 2024 trade show continues on day two, kicking off with a discussion with GCL System Integration.
June 14, 2024
Edify Energy has proposed a 200MW solar PV farm near the newly rebuilt Callide coal-fired power station in Central Queensland, Australia.
June 13, 2024
Spanish tracker manufacturer Soltec has launched a new floating tracker designed for inland water bodies such as reservoirs and ponds.
June 13, 2024
PV Tech's coverage of the SNEC PV Power expo 2024. We are reporting live from the exhibition floor at the world's biggest PV trade show.
Premium
June 13, 2024
Kiwa Group on why the integration of three PV inspection and QA businesses signposts the way forward for solar reliability testing.
June 13, 2024
IFM Investors and QIC have signed Australia's largest multi-state PPA worth AU$700 million for 500GWh of renewable energy per annum.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia