SunEdison has successfully closed a $50 million debt financing facility for the construction of a 23.8 MW solar farm in Jordan.
The solar technology firm closed the deal with the European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC) and says that the project "represents just the beginning" of its long term commitment to developing clean energy in the Middle East region.
Construction of the solar farm will begin in the fourth quarter of 2014 in Ma'an Governorate, southern Jordan. The plant will cover an area of approximately 50 hectares and will feature SunEdison 330 monocrystalline modules and the AP90 Single Axis tracker. On an annual basis, the system is expected to generate approximately 57 000 MWh of electricity.
Operation is expected to start in the third quarter of 2015. The solar plant will sell electricity to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA).
The solar farm is the first renewable energy project financed by the EBRD in Jordan. "This is a region with a rapidly growing demand for power but also with a large potential for the development of renewables," said Nandita Parshad, EBRD Director for Power and Energy. "Jordan in particular is a country where solar energy can make a clean and reliable contribution to meeting rising demand and reducing dependence on expensive hydrocarbons."
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