Jordanian solar array secures $71m loan

A new solar array in Jordan has secured $71 million (£58.15m) in loans. Global solar developer Fotowatio Renewable Ventures (FRV) will use the money to develop its 67MW Empire project. The European Bank for Reconstruction and Development […]

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By Jonny Bairstow

A new solar array in Jordan has secured $71 million (£58.15m) in loans.

Global solar developer Fotowatio Renewable Ventures (FRV) will use the money to develop its 67MW Empire project.

The European Bank for Reconstruction and Development (EBRD) and finance group Société de Promotion et de Participation pour la Coopération Economique (PROPARCO) are to provide the funds.

The installation is one of four projects being developed as part of the second round of Jordan’s solar programme.

The EBRD says the development establishes the nation as a leader of green energy in the region.

The venture not only supports a shift to local, renewable sources of electricity but will also provide one of the cheapest sources of electricity in the country, as a result of tariffs being set through a competitive tender process rather than subsidies.

Nandita Parshad, EBRD Director for Power and Energy, said: “This project is a major milestone for the EBRD. It brings the total installed capacity of projects supported by the Bank in Jordan to more than 500MW.”