Al Zahrat Al Salam Solar PV Plant

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Al Zahrat Al Salam for Energy Generation developed a 10MW solar photovoltaic (PV) power plant project located in the Ma’an Development Area (“MDA”), south of the capital Amman, on a 20 year build-own-operate-transfer (BOOT) basis. The plant was expected to generate around 26 GWh (at P50) of electricity to serve around 12,000 people. All output generated by the power plant was to be sold to Jordan’s National Electric Power Company (“NEPCO”) under a 20-year Power Purchase Agreement (“PPA”). Al Zahrat Al Salam for Energy Generation was a special purpose vehicle that was fully owned by Cayman Islands based private equity firm, Adenium Energy Capital (“Adenium”). The total project cost was estimated at USD 30 million. The project's loan agreements were signed in October 2014. IFC provided a loan of USD 11 million.