Dubai – Mubasher: AMEA Power on Sunday announced that it will start construction work of the $74 million Al Husainiyah Power Plant in the governorate of Ma’an, Jordan.
The financial close for the new solar plant, that will generate 50 megawatts, has been achieved, AMEA Power, fast-growing developer, operator, and owner of power assets in emerging markets, said in a statement.
Set to be operated by the fourth quarter of 2020, the new plant will supply around 42,000 households with affordable clean energy, avoiding at least 100,000 tonnes in annual CO2 emissions, the company added.
“The Al Husainiyah project is sponsored by AMEA Power, as the lead developer and majority owner (70%) and Jordan-based Philadelphia Solar (30%),” the statement highlighted.
Philadelphia Solar is a Jordanian company that manufactures, develops, designs, constructs, owns and operates utility-scale commercial and industrial photovoltaic plants.
“Through this project, we are proud to support Jordan’s vision to reduce its reliance on imported fuel and limit its carbon footprint. The country is an important market for us as we recently also reached financial close on a 50MW wind project in Jordan and we hope that this solar project will stimulate further investments in renewable energy projects in Jordan.” Hussain Al Nowais, chairman of AMEA Power, commented.
Al Husainiyah project will source 200,000 330Wp panels that will be manufactured in Philadelphia Solar’s manufacturing facility in Al-Qastal Industrial Area, near Amman.
The Dutch Development Bank, FMO, is acting as a lead arranger for the $59.2 million senior financing package, in addition to its own participation of $29.6 million.
“For FMO, this transaction also represents another successful collaboration with DEG under the Friendship Facility, a partnership we are keen to expand to better serve our shared objectives,” Linda Broekhuizen, chief investment officer, FMO, stated.
