Saudi Arabia’s Abdul Latif Jameel Energy (ALJ Energy) has completed its acquisition of Chinese Hareon Swiss Holding’s 50MW solar photovoltaic (PV) project in Jordan.

ALJ Energy already owns one 50MW solar PV project in the second round of Jordan’s feed-in tariff scheme, after the Abdul Latif Jameel Group’s acquisition of developer Fotowatio Renewable Ventures in April 2015.

ALJ Energy declined to comment.

Saudi Arabia’s Acwa Power acquired another 50MW solar PV project earlier in the year, from Greece’s Sunrise PV Systems. The second round of solar PV in Jordan is now being developed entirely by Saudi companies.

The successful bidders were:

• Acwa Power / Sunrise PV Systems – 4.34 JDcents a kilowatt hour (kWh) (6.13 $cents a kWh)
• Saudi Oger (Saudi Arabia) – 4.598 JDcents a kWh
• Fotowatio Solar Renewable Ventures / Abdul Latif Jameel Energy – 4.895 JDcents a kWh
• Abdul Latif Jameel Energy / Hareon Swiss Holding – 5.43 JDcents a kWh

The developers signed power purchase agreements in late 2015 and early 2016.

The bids are considered low given the cost of finance in Jordan, and the acquisitions are seen as strategic rather than profitable.

The US’ International Finance Corporation and the European Bank for Reconstruction & Development are expected to finance most of the projects, with limited participation from regional banks possible. Read more: Jordan power sector