Mizuho Bank (MHBK) has arranged $129m as project financing for the development of the 52.5MW Shams Ma’an solar photovoltaic (PV) project in Jordan.
MHBK has contributed $39m, with the rest coming from the Japan Bank for International Cooperation (JBIC) and Standard Chartered Bank.
Financial contributions from commercial banks will be insured by export credit agency Nippon Export and Investment Insurance (NEXI).
The Jordan-based Shams Ma’an Power Generation PSC has also signed the financing agreements for the project.
Mitsubishi’s Diamond Generation Europe unit, Qatar Electricity & Water’s subsidiary Nebras Power and the Kawar Group of Jordan own Shams Ma’an on a 35:35:30 basis.
Once operational, the solar PV project is expected to generate approximately 160GWh of energy per year.
National Electric Power (NEPCO) will receive the electricity generated at the site according to a 20-year power purchase agreement.
Located at the Ma’an development area in the southern Jordan, the project is expected to supply steady power for the country, which faces increases in energy demand by 7% per year.
The project financing will help Mitsubishi to promote renewable energy developments abroad, with support from JBIC and NEXI.
MHBK will continue to support projects, which will drive development in emerging countries and promote clean energy technology.
Image: The location of the Shams Ma’an solar PV project. Photo: courtesy of Mizuho Bank.