Saudi Arabia’s Abdul Latif Jameel Energy has reached financial close for its third solar energy project in Jordan.

Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel, has closed financing from the European Bank for Reconstruction and Development (EBRD) and the Netherlands’ Development Finance Company (FMO) for a $65m loan for the development of the Al-Safawi solar plant in the north of Jordan.

The 51MW Al-Sawafi project is Abdul Latif Jameel’s third project in Jordan, with the group already having reached financial close for the Mafraq 1 and 2 solar plants.

The $65m loan will be provided to the specially formed project company, Al-Safawi for Green Energy, a Jordan-registered company, 70 per cent owned by FRV and 30 per cent owned by the local Arabia Trading & Consulting Company (ATC).