UAE-based Amea Power has reached financial close for a 50MW solar project in the Maan region of Jordan.
The project will have a total construction cost of $74m, with commercial operations due to start in the fourth quarter of 2020.
Amea Power will be lead developer and majority owner of the special purpose vehicle set up to develop and operate the plant, holding a 70 per cent share of the entity. The local Philadelphia Solar will hold the remaining 30 per cent stake in the project company.
Netherlands-based FMO is lead arranger for the $59.2m financing package, and is also lending $29.6m towards the project. The German Development Finance Institution (DEG) will contribute $29.6m of financing for the solar scheme.
The project will source more than 200,000 solar panels from Philadelphia Solar’s manufacturing facility in the Al-Qastral industrial area, near Amman.
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