Jordan on track for energy
Largest solar photovoltaic (PV) power plant in Jordan nearing completion
ordan is well on its way to reaching an important 2023 target of generating 20 percent of total electricity capacity via renewable energy, thanks to its partnerships with development finance institutions (DFIs) such as the OPEC Fund and the International Finance Corporation (IFC). Located in the Al Muwaqqar district, around 30 km southeast of the Jordanian capital Amman, the Baynouna solar PV power plant is considered the largest in Jordan and one of the biggest in the whole of the Middle East. Once fully operational – expected by the first quarter of 2020 – the facility is anticipated to displace an estimated 360,000 tons of CO2 per year. In 2017, the IFC, lead arranger of the Baynouna
J
project, invited the OPEC Fund to participate in a syndication to finance the development, construction and operation of the plant via a
“We’re pleased to support the government of Jordan’s renewable energy targets”
The OPEC Fund’s Assistant Director-General, Private Sector and Trade Finance Operations, Tareq Alnassar
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US$17 million term loan (from US$235 million total financing). The 248 MW facility is being developed by Masdar, Abu Dhabi Future Energy Company – a leading developer of renewable energy projects in the Middle East and North Africa. “We’re pleased to support the government of
Jordan’s renewable energy targets,” says the OPEC Fund’s Assistant Director-General, Private Sector and Trade Finance Operations, Tareq Alnassar. “This high-profile project helps demonstrate the important role the private sector can play in supporting the development of infrastructure and also highlights the importance of partnerships. The OPEC Fund is fully committed to working with its partners to support public, private and trade finance operations across the developing world. We also participated in Jordan’s first round of solar PV projects, and the ACWA*-sponsored 485MW Zarqa combined cycle gas-fired thermal power project.” Since 2013, the OPEC Fund has supported
Jordan in its quest to become less reliant on fossil fuels and sharpen its focus on harnessing renewable energy (see box, far right) through its partnership with leading global development institutions such as the IFC, other multilateral development banks and European DFIs.
* ACWA is an international energy company
More than 100,000 homes will be supplied with clean, modern energy thanks to the Baynouna Power plant, co- financed by the OPEC Fund. By Anna Ilaria-Mayrhofer
BAYNOUNA PROJECT AT A GLANCE
Around
740,000 70% 600
solar panels Circa
of project workers from local communities
hectares
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