Japan’s Mizuho Bank has arranged $129m in loan to finance a 52.5MW solar photovoltaic (PV) project in Jordan.

Jordan solar

Mizuho provided $39m of the loan amount, while the rest comes from the Japan Bank for International Cooperation (JBIC) and Standard Chartered Bank.

Japan’s export credit agency Nippon Export and Investment Insurance (NEXI) will insure the loans from the two commercial banks.

The financing agreements were signed with Shams Ma’an Power Generation PSC, which is 35% owned by Mitsubishi’s Diamond Generation Europe unit.

Qatar Electricity & Water’s subsidiary Nebras Power and Kawar Group of Jordan hold 35% and 30% interests respectively in Shams Ma’an.

Located at Ma’an development area in the southern part of Jordan, the Shams Ma’an project is expected to generate about 160 GWh of energy per year.

The National Electric Power Company (NEPCO) has agreed to buy the electricity generated from the project under a 20-year power purchase agreement.

The project will contribute to the stable electricity supply in Jordan, which is witnessing a 7% surge in energy demand annually

The financing will support Mitsubishi in promoting renewable energy business abroad, in cooperation with JBIC and NEXI.

Mizuho Bank said it will continue to support projects which facilitate development in emerging countries and promote clean energy technology.

Image: Location of the Shams Ma’an solar PV project. Photo: Courtesy of Mizuho Bank.