Falcon Ma’an Solar PV Plant

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Falcon Ma’an For Solar Energy developed a 21 MW solar PV power plant located in the Ma’an Development Area (“MDA”), south of the capital Amman, on a 20 year build-own-operate-transfer (BOOT) basis. All output generated by the Project was to be sold to Jordan’s National Electric Power Company (“NEPCO”) under a 20-year Power Purchase Agreement (“PPA”). Falcon Ma’an For Solar Energy is a special purpose created by the sponsors - Jordan based Catalyst Private Equity Fund (50% shareholder), Italian Maccaferri Industrial Group (25%) and Saudi Arabia based Desert Technologies (25%) – to implement this project. The total project cost was estimated at USD 50.2 million. The project's loan agreements were signed in October 2014 with debt financing in the amount of USD 33.1 million. IFC provided a loan of USD 13.1 million. The sponsors invested USD 16.9 million as equity.