IFC finances Masdar’s 248MW solar project in Jordan

Facebook
Twitter
LinkedIn
Reddit
Email
Last week, Taaleri Group bought a 30% stake in the project. Credit: Masdar

The IFC has arranged a financing package of up to US$188 million for Jordan’s largest PV plant, a 200MWac / 248MWdc project developed by Masdar Abu Dhabi Future Energy Company.

Masdar selected IFC to oversee the financing of the Baynouna facility last year. The newly announced funding includes US$54 million from IFC and US$134 million mobilized from other senior lenders including a parallel loan from Japan International Cooperation Agency (JICA). Other lenders included Dutch Development bank FMO and Europe Arab Bank as B lenders as well as OFID, the OPEC Fund for International Development, and German development bank DEG as parallel lenders. 

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

Last week, Taaleri Group bought a 30% stake in the project for which it will participate in the construction and operation alongside Masdar.

An IFC release stated that Jordan is faced with increased energy demand, in part driven by the growing refugee crisis, hence the urgent need for more renewable energy deployment.

Mohamed Jameel Al Ramahi, chief executive of Masdar, said:  “With backing now secured from lenders in Asia, Europe and the Middle East, the significant global interest in commercial renewable energy in Jordan and the MENA region is clear.”

In 2014, IFC’s renewable energy finance program, Seven Sisters, aggregated seven independent projects to raise US$210 million to support Jordan’s first round of solar PV projects. In 2016, IFC closed financing for FRV’s first 50MW Mafraq I Solar PV project.

Read Next

June 24, 2025
FRV has started commercial operations at its 55MW Masrik-1 PV project in Armenia, the largest to enter operation in the country.
June 17, 2025
Blue Elephant Energy has received a €200 million (US$214 million) investment from European asset management company Infranity.
June 16, 2025
US solar residential installer Sunnova has received court approval for a US$90 million debtor-in-possession financing agreement.
June 12, 2025
Earthrise Energy has secured US$630 million for its 270MWac solar project in Gibson City Solar, Illinois.
June 6, 2025
rPlus Energies has secured more than US$500 million for an 800MW solar-plus-storage project in Emery County, Utah, US.  
June 5, 2025
Policy uncertainty in the US is likely to disrupt investment in clean energy, according to a recent report from Crux.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece