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Jordan

Jordan Solar One

$7.6 million
Power
SPG
Active

Project Facts

Project Facts

Project Facts

jordan
Guarantee Holder
Adenium Solar Jordan Limited
Investor Country
Cayman Islands
Environmental Category
B
Date SPG Disclosed
October 30, 2014
Projected Board Date
December 04, 2014
Project Type
Non-SIP

Project description

This summary covers an equity investment by Adenium Solar Jordan of the Cayman Islands in Jordan Solar One. The investor has applied for a MIGA guarantee of $7.6 million for a period of up to 20 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

The project involves the development, construction, operation, and maintenance of a single 20 megawatt photovoltaic power project located in Mafraq. All output generated by the projects will connect to the Al Hassan substation in Husha, Mafraq and will be sold to Jordan’s National Electric Power Company under a 20-year power purchase agreement.

Environmental Categorization

The project is a category B under MIGA’s Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary prepared by the IFC for their investment in the project.

Development Impact

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