EBRD and French PROPARCO loans Jordan 100 million dollars

Funds to run major solar power projects in south

11 November, 11:16

    (ANSAmed) - AMMAN, NOVEMBER 11 - The European Bank for Reconstruction and Development (EBRD) and the French Development Finance Institution PROPARCO approved a 100 million dollars loan to Jordan to fund the construction of solar energy plants south the kingdom, officials said today.

    The new plants will deliver 40 MW of much-needed generating capacity from a clean, reliable domestic resource, thereby reducing the country's dependence on hydrocarbons, according to a statement by EBRD.

    Jordan imports over 97 per cent of the energy it consumes.

    Projects that develop sustainable energy resources while increasing energy security are central to the EBRD's strategy in Jordan.

    The projects have been developed jointly by Norwegian solar power company Scatec Solar ASA and European Jordanian Renewable Energy Projects LLC, Greenland Alternative Energy LLC and Quest Energy Investments LLC.

    "Jordan has outstanding renewable resources, especially solar, and we are committed to develop this sector and to help increase Jordan's energy supply while reducing its environmental impact," said Nandita Parshad, EBRD Director for Power and Energy.

    Jordan became a member of the Bank in 2012 and to date the EBRD has committed US$ 336 million across 15 projects in Jordan in various sectors. "Encouraging the development of green and clean energies is one of the core focuses of PROPARCO's strategy. This successful partnering with EBRD, Scatec Solar, EJRE and their partners will contribute not only to reducing Jordan's dependency on fossil fuels while securing its energy needs, but also to fighting climate change on a broader, more global scale," said Chief Executive Officer of PROPARCO, Claude Périou.(ANSAmed).

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