German developer Mena [Middle East and North Africa] Cleantech has unveiled plans to build a 100MW concentrated solar power plant at Maan in southern Jordan.
The project, known as Joan1, will use technology provided by Germany’s Fresnel to convert energy from the sun into electricity by reflecting light onto water-filled receiver pipes.
The plant is expected to cost around $450 million to build, which Mena Cleantech expects to finance $90 million of through direct equity. It plans to target development banks including the World Bank-administered Scaling up Renewable Energy in Low Income Countries (SREP) initiative for the remainder.
Mena Cleantech holds a long-term lease on the proposed site, which is owned by the Jordanian Treasury. The selected site is ideal due to minimal cloud cover, flat land and high irradiation levels, according to Mena Cleantech founder Samer Zureikat.
Should the project progress along its current timeline, contracts for the construction of the project will be signed in the fourth quarter of 2010, loan agreements will be signed and financial close reached in the first quarter of 2011, and the project will come online in the third quarter of 2013.
The timing of demand for electricity in Jordan matches peak solar power generation closely, Zureikat says.
According to Jordanian law, the country’s National Electric Power Company (Nepco) will be obliged to buy the power produced by the facility and connect the plant to the national electricity grid at its own expense.