EJRE Solar PV Plant

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Scatec Solar ASA obtained a license from the Government of Jordan to build, own and operate a 20 MW solar power plant near the city of Ma’an in the south of Jordan for 20 years. ?The power generated form this plant was to be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA). The power plant was jointly owned by European Jordanian Renewable Energy Projects LLC (60%), a Jordanian renewable energy developer, and Norwegian Scatec Solar AS (40%). The total project cost was estimated at USD 65.0 million. The project reached financial close in November 2014 million with debt financing from the European Bank for Reconstruction and Development and the French development finance institution, PROPARCO, with each providing USD 24 million each. The sponsors invested $17m as equity for a debt equity ratio of 74:26. Construction of the project had begun with completion and grid connection expected to take place in second half of 2015.