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World Bank expands Financial Guarantees to 50MW Solar Projects In Jordan

World Bank expands Financial Guarantees to 50MW Solar Projects In Jordan

AMMAN: Jordan’s solar power program has received yet another boost as the World Bank has extended financial guarantees to four solar power projects in the country.

The Multilateral Investment Guarantee Agency, part of the World Bank Group, has announced investment guarantees to cover for political and other risks to four solar PV power projects in Jordan with total generation capacity of 50 MW. The projects in question appear not to be part of the two solar PV auctions organized by the government this year. The projects are being implemented by Adenium Energy Capital. The company had signed an agreement with Canada-based Bright Power Group to develop these projects.

As per the information provided by Adenium on its website, the projects will use conventional solar PV as well as concentrated solar PV technology. The company has also approached the International Finance Corporation, another entity of the World Bank Group, for debt financing. Jordan has so far allocated 400 MW of solar power projects through auctions this year. In February, 12 solar PV projects with total capacity of 200 MW were auctioned at feed-in tariffs between $0.148 and $0.169 per kWh. National as well as foreign developers participated in the February auction.

Results of the second auction were announced in May, with four solar PV projects of 50 MW capacity each allocated to as many foreign developers. These projects were allocated at tariffs between $0.613 to $0.797 per kWh.