• The 57 MWp portfolio consists of four solar PV projects located near the cities of Ma’an and Mafraq, Jordan
• The four projects, which were awarded PPAs under Round 1 of Jordan’s National Renewable Energy Plan, not only are receiving support from the World Bank Group
through MIGA investment guarantees, but also are part of the IFC’s innovative $207 million debt financing package
Martifer Solar, a subsidiary of Martifer SGPS, will begin construction of a 57 MWp portfolio of solar PV projects in Jordan. The portfolio consists of four projects, which were awarded successfully with Power Purchase Agreements (PPAs) under Round 1 of Jordan’s National Renewable Energy Plan.
Of the 57 MWp portfolio, there are three projects each with an individual capacity of 11 MWp, located near the city of Ma’an in south-central Jordan-Al Ward Al Joury, Al Zahrat Al Salam and Al Zanbaq. In addition, there is one project, Jordan Solar One, with a capacity of 24 MWp, to be constructed near the northern town of Mafraq. Martifer Solar will provide the EPC (engineering, procurement and construction) services for the portfolio and perform the subsequent O&M (operation and maintenance) for all four solar PV projects.
“We are proud to be a key member involved in this groundbreaking 57 MWp portfolio. Jordan currently imports 95% of its power needs, which costs approximately a fifth of the country’s GDP, and the development and construction of renewable energy projects such as these will be essential for its future,” said Henrique Rodrigues, CEO of Martifer Solar. “Furthermore, this achievement is a testimonial to the continued expansion of Martifer Solar’s track record in Development, EPC and O&M for solar projects throughout emerging markets.”
All four projects are part of the IFC’s innovative “Seven Sisters” financing package, which provided a total of $207 million in debt financing for seven projects awarded under Jordan’s Round 1. The IFC acted as the lead arranger for the financing, together with a syndicate of other financers including Bahrain’s Arab Bank, the European Arab Bank, FMO, FinnFund and OPEC’s Fund for International Development. The projects reached financial close at the end of May and are set to begin construction.
