European Bank for Reconstruction & Development (EBRD), the Washington-based International Finance Corporation and French development agency Proparco intend to finance Jordan’s round-two 50MW photovoltaic (PV) solar projects.

EBRD plans to lend $39m of project finance towards the $105m Empire Solar Power scheme in Mafraq. It is owned by Saudi Arabia’s Abdul Latif Jameel (ALJ) Energy. Proparco will also lend on the project.

EBRD will lend $26m to Saudi Arabia’s Acwa Power Sunrise al-Mafraq PV solar project, along with other, unspecified lenders. The total project cost is estimated at $70m.

The IFC will finance the $95m FRV Solar Holdings IX scheme, also in Mafraq and owned by ALJ Energy. It plans to lend $24m directly and mobilise a further $48m, resulting in a debt-to-equity ratio of 76:24.

The Saudi Oger project, located in Safawi, is moving at a slower pace. It may seek finance from different sources.

Jordan’s National Electric Power Company (Nepco) signed power purchase agreements with four developers in late 2015 and early 2016.

Acwa Power acquired Greece’s Sunrise Solar PV’s project, and ALJ Energy then acquired China’s Hareon Swiss Solar Project.

The developers are aiming to reach financial close in mid-2016. However, financing deals for the first round of PV solar projects in Jordan took 14 months to complete, partly due to the lack of precedent in the country.