“In Jordan, the demand for power is growing rapidly,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “Privately-owned power companies, with their expertise and financial clout, have a vital role to play in bringing new generation capacity online at a lower cost which in turn will help the government to provide Jordan’s economy with the energy it needs to grow.”
The Mafraq plant is the first PV solar plant to be financed out of the four planned under the Jordanian government’s second round of solar PV projects.
“This is our first plant in Jordan and the country has tremendous potential when it comes to renewable energy,” said Tristán Higuero, COOfrom FRV. “By tapping into the power of the sun, we can help provide the country with affordable, clean energy and support a green growth path.”
The investment is part of a much larger IFC program to help Jordan transform its power generation base. In November 2013, IFC closed financing for the first commercial-scale renewable energy project, the 117-megawatt Tafila wind farm. IFCfollowed this in 2014 with the financing of the Jordanian government’s first seven solar PV plants; the largest-ever private sector-led solar project in the MENA region,which offered simplified, inexpensive financing to participating developers. IFC’s innovative program won Infrastructure Journal’s prestigious Middle East Renewable Dear of the year award and serves as the basis for FRV’s financing.