Scatec Solar secures $100m debt financing for solar projects in Jordan

10 November 2014 (Last Updated November 10th, 2014 18:30)

Scatec Solar has secured a $100m financing for three solar PV projects in Jordan, with a combined capacity of 43MW.

Scatec Solar has secured a $100m financing for three solar PV projects in Jordan with a combined capacity of 43MW.

The three projects, including 10MW Oryx plant and two other facilities totalling 33MW, are likely to be completed by the second half of 2015.

Around 70% of the Oryx plant will be owned by Scatec Solar, while it will hold 40% stake for the other two projects.

European Bank for Reconstruction and Development (EBRD) and French development agency Société de Promotion et de Participation pour la Coopération Economique (Proparco) are offering the debt financing for the projects.

"Securing financing for the Jordanian projects is an important milestone for Scatec Solar."

The projects are being developed by the firm in co-ordination with its Jordanian partners, Quest Energy Investment, European Jordanian Renewable Energy Projects and Greenland Alternative Energy.

Besides construction, Statec Solar will also be in charge of operation and maintenance services of the facilities, once they turn operational.

Total investments involved for the projects have been estimated at $135m.

Scatec Solar CEO Raymond Carlsen said: "Securing financing for the Jordanian projects is an important milestone for Scatec Solar, and an important contribution to meet our ambition of continued strong growth as an independent solar power producer.

"I am pleased to see that our approach to team-up with local partners and strong finance institutions bring about such great results."

Located in southern Jordan, the plants are expected to generate 104,000MWh of power in a year, leading to annual revenues of $17m.

National Electric Power Company (Nepco) will purchase the electricity from the facilities under a 20-year power purchase agreement.

Energy