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MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

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Explore global projects that support economic growth, reduce poverty and improves people’s lives.

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Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Our Impact Dropdown Description

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Our Products Dropdown Description

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Projects Dropdown Descriptions

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Jordan

Adenium Jordan - 1

$9.5 million
Power
Project Brief
Not Active
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Project description

 On June 17, 2015, MIGA issued a guarantee of $9.5 million covering an equity investment by Adenium Solar Jordan of the Cayman Islands in Adenium Jordan - 1. MIGA’s coverage is for a period of up to 20 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. [i]

The project involves the development, construction, and operation of three 10-megawatt photovoltaic power plants (Al Zanbaq for Energy Generation, Zahrat Al Salam for Energy Generation, and Al Ward Al Joury for Energy Generation) in the Ma’an Development Area. Each of the three projects benefits from a 20-year power purchase agreement signed with National Electric Power Company, the Jordanian state-owned company.

The project will reduce Jordan’s dependence on imported fuel and decrease the overall cost of power generation as well as decrease the growth of greenhouse gas emissions. It will also help reduce the current account deficit by reducing the need for costly imported fuels.

The project is aligned with Jordan’s Country Partnership Strategy for 2012-15, which  emphasizes leveraging private capital for investment in key infrastructure and seeks to reduce reliance on imported energy by changing the energy mix though the gradual development of renewable energy resources. It is also aligned with the government’s Renewable Energy Program, which aims to increase renewable energy contribution to 10 percent of the country’s generation mix by 2020.

MIGA’s support for the project is also consistent with the agency’s priority of supporting energy efficiency and climate change projects, as outlined in its strategy for fiscal years 2015-2017.

[i] The guarantee was cancelled on June 6, 2019

 

 

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