Home Middle East & Africa AMEA Power Achieves Financial Close on 50MW Al Husainiyah Solar Park in Jordan
AMEA Power Achieves Financial Close on 50MW Al Husainiyah Solar Park in Jordan

AMEA Power Achieves Financial Close on 50MW Al Husainiyah Solar Park in Jordan

40
0

The commercial operation date is scheduled for Q4 2020 and will supply 42,000 households with affordable clean energy and avoid at least 100,000 tonnes in annual CO2 emissions

Dubai: AMEA Power has reached financial close and will begin the construction of the USD 74 mln Al Husainiyah Power Plant, a 50MW greenfield solar park in Ma’an Governorate (~200 km south of Amman) in Jordan. The commercial operation date is scheduled for Q4 2020 and will supply 42,000 households with affordable clean energy and avoid at least 100,000 tonnes in annual CO2 emissions.

The Al Husainiyah project is sponsored by AMEA Power, as the lead developer and majority owner (70%) and Jordan-based Philadelphia Solar (30%). AMEA Power is a fast-growing developer, operator and owner of power assets in emerging markets. Philadelphia Solar is a Jordanian company that manufactures, develops, designs, constructs, owns and operates utility-scale commercial and industrial photovoltaic plants.

The project will source over 200,000 330Wp panels that will be manufactured in Philadelphia Solar’s manufacturing facility in Al-Qastal Industrial Area, near Amman. As such, the project will support the sustainability and expansion of this facility, along with the good-quality jobs it provides to approximately 375 employees, including 26 female employees in administrative and managerial positions.

FMO is acting as a lead arranger for the USD 59.2 mln senior financing package. In addition to its own participation of USD 29.6 mln, FMO is mobilizing USD 29.6 mln from DEG, the German Development Finance Institution.

The Al Husainiyah project will play a major role in the country as it supports the government’s vision to enhance the security and affordability of its power sector, by reducing its reliance on expensive imported fossil fuels.

“AMEA Power believes in Jordan and the government’s commitment to increase the renewable energy share in the country’s power production. Through this project, we are proud to support Jordan’s vision to reduce its reliance on imported fuel and limit its carbon footprint. The country is an important market for us as we recently also reached financial close on a 50MW wind project in Jordan and we hope that this solar project will stimulate further investments in renewable energy projects in Jordan.” Hussain Al Nowais, Chairman, AMEA Power

“Philadelphia Solar today achieved a new milestone by the support of all stakeholders. We are proud of this great partnership, and in my opinion the project real value comes from the great mix of sustainability, job creation and local content support.” A.R Shehadeh, Chairman, Philadelphia Solar

“This project perfectly fits with our strategy. Not only is it 100 percent green, it also has a high developmental value because the project will source its PV panels from a local manufacturer, thereby supporting hundreds of good quality jobs. For FMO, this transaction also represents another successful collaboration with DEG under the Friendship Facility, a partnership we are keen to expand to better serve our shared objectives.” Linda Broekhuizen, Chief Investment Officer, FMO

About AMEA Power
Headquartered in Dubai, AMEA Power is a fast-growing developer, owner, and operator of power assets in Africa, the Middle East and Asia. The company has built a strong pipeline of approximately 7000MW across technologies and at different stages of development in emerging markets. AMEA Power is led by a highly experienced international team with a proven track record in the power sector.

For more information, visit www.ameapower.com

About Philadelphia Solar
Philadelphia Solar (PS) is a specialized solar company that was established in 2007 with a buildup area of 14,200m and a startup capital of 25 million USD. As a photovoltaic panel and mounting structure manufacturer, PS is the only MEA-based company that manufacture, develop, design, construct, own and operate utility-scale, commercial and industrial photovoltaic plants. Today PS employs more than 250 employees in Jordan. For more information, visit www.philadelphia-solar.com

About FMO
FMO is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a more than 45-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.2 billion spanning over 82 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.fmo.nl

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

Source: zawya
Anand Gupta Editor - EQ Int'l Media Network