Oryx Solar PV Plant

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Scatec Solar ASA obtained a license from the Government of Jordan to build, own and operate a 10 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 majority owned and controlled by Norwegian Scatec Solar AS with 70% equity. The remainder of the share capital was owned by local Jordanian entities and individuals including Kingdom Electricity Company. The total project cost was estimated at USD 30.0 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 13 million each. The sponsors invested USD 4 million as equity for a debt equity ratio of 87:13. Construction of the project had begun with completion and grid connection expected to take place in second half of 2015.