Scatec Solar and its partners have entered into financing agreements for the development and construction of three projects, totaling 43MW, in the area nearby Ma’an City in southern Jordan.
The European Bank for Reconstruction and Development (EBRD) and French development agency Societe de Promotion et de Participation pour la Cooperation Economique will provide the debt financing.
Scatec and its Jordanian partners, Quest Energy Investment, European Jordanian Renewable Energy Projects and Greenland Alternative Energy are jointly developing the projects, which are expected to cost $135m.
The projects will generate 104,000 MWh of energy per year, which will be sold to the National Electric Power Company under a 20-year power purchase agreement.
Scatec Solar will handle construction and deliver operation and maintenance (O&M) services when the plants are completed in the second half of 2015.
The company will hold 70% stake of the 10MW Oryx plant and 40% interest of the other two projects, totaling 33MW capacity.
Scatec Solar CEO Raymond Carlsen said: "Securing financing for the Jordanian projects is an important milestone for Scatec Solar, and an important contribution to meet our ambition of continued strong growth as an independent solar power producer."
Scatec Solar has a pipeline of projects under development in Africa, Europe, Asia, Middle East and the US.
Image: The three projects in Jordan will generate 104,000 MWh of energy per year. Photo: Courtesy of Naypong/FreeDigitalPhotos.net.
