Shamsuna Solar PV Power Plant

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Shamsuna Power Company (SPC) obtained a license from the Government of Jordan to build, own and operate a 10 megawatt photovoltaic electricity generation in Aqaba Special Economic Zone for 20 years. In March 2014, Shamsuna signed a power purchase agreement with NEPCO that was backed by a full sovereign guarantee from the Government of Jordan. Jordan-based fund Foursan Capital Partners I (“FCP”), and Mr. Samer Judeh (“SJ”) are the Sponsors and Shareholders of Shamsuna Power Company with 85% and 15% equity stake in APC respectively. The total project cost was estimated at US$20 million. The project's loan agreements were signed in October 2014 with a debt equity ratio of 75:25. The financing consists of a USD 7.5 million direct loan by the International Finance Corporation (IFC) and a USD 7.5 million syndicated loan by Arab Bank, Europe Arab Bank, FMO, FinnFund and OPEC's Fund for International Development. The sponsors made an equity investment of USD 5 million.