Baynouna Solar PV Plant

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The Project involves the development, financing, construction, operation and maintenance of a green field 200 MW solar photovoltaic plant located in the Tilal Al-Rukban area in Muwaqqar district in the Amman governorate, about 30 km north of the Jordanian capital Amman. The Project is being developed by Abu Dhabi Future Energy Company PJSC (Masdar). Masdar is wholly owned by Mubadala Investment Company (Mubadala), an investment arm of GoAD. BAYNOUNA SOLAR ENERGY COMPANY is the special purpose vehicle that will undertake the project on behalf of the sponsor. The generated electricity will be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year Power Purchase Agreement. The Masdar project was not allocated through a tender process as with other large-scale projects. It was a direct allocation under no competitive mechanism. The total project cost is estimated at $280 million and is funded through debt and equity in 67:33 ratio. Funding was arranged by the International Finance Corporation (IFC). The financing package includes a $54 million loan from the IFC and $134 million from other senior lenders, including a parallel loan from Japan International Cooperation Agency (JICA). The other lenders are: Dutch Development bank FMO and Europe Arab Bank as well as the OPEC Fund for International Development (OFID) and German development bank DEG. The remaining cost is covered by equity - $92 million. Financial closure occurred on December 13, 2017. https://disclosures.ifc.org/#/projectDetail/SII/39339 https://www.pv-tech.org/news/masdar-secures-ppa-for-200mw-jordan-project Submission form (Clifford Chance) https://www.reuters.com/article/emirates-jordan-renewables/abu-dhabis-masdar-seals-188-mln-funding-for-jordan-solar-project-idUSL8N1PC3RP https://www.taaleri.com/en/wealth-management/private-equity-funds/infrastructure-investments/aurinkotuuli-fund/baynouna-solar-project