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FINANCIAL NEWS
IFC to build USD76m solar plant in Jordan
26 Sep 2016
(MENAFN) International Finance Corporation (IFC) arranged a USD76mn financing package for Fotowatio Renewable Ventures to build a new 50 MW solar plant in northern Jo.
Furthermore, the financing package, which involves USD21mn from the IFC-Canada Climate Change Program, will help the building of first solar plant in the city of Mafraq.
Accordingly, the new plant will supply power at 6.9 cents per kilowatt-hour, a price far below Jordan”s average cost of elect and amid the lowest for solar energy.
The plant will start operating by 2018, represents almost 1 percent of the kingdom”s overall generation capacity and will supply almost 155mn kilowatt hours per year.
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