The European Bank for Reconstruction and Development (EBRD) has partnered with the French Development Finance Institution (Proparco) to provide a total of US$100mn to finance solar power plant construction in Jordan.
The financing will be used to build three solar photovoltaic generation plants close to the city of Ma’an in the south of the country.
Commenting on the partnership, director for power and energy at the EBRD, Nandita Parshad, says in a statement: “Jordan has outstanding renewable resources, especially solar, and we are committed to develop this sector and to help increase Jordan’s energy supply while reduce its environmental impact.”
Jordan reportedly imports over 97% of the energy it consumes, and this partnership hopes to reduce the country’s hydrocarbon dependence. Development of the three plants sees Norwegian solar power company Scatec Solar work with three Jordanian firms: European Jordanian Renewable Energy Projects (EJRE), Greenland Alternative Energy and Quest Energy Investments.
“This successful partnering with EBRD, Scatec Solar and EJRE and their partners will contribute not only to reducing Jordan’s dependency on fossil fuels while securing its energy needs, but also fighting climate change on a broader, more global scale,” says CEO of Proparco, Claude Périou.