SunEdison Close On $50M Financing For Project In Jordan
SunEdison, Inc has announced the closing of a $50 million debt financing arrangement with the European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC). The debt proceeds will be used to finance the construction of a SunEdison owned 23.8 megawatt (MW) DC solar power plant in the Ma'an Governate, in Southern Jordan. Construction will begin in Q4 2014 and interconnection is expected to take place in Q3 of 2015.
The solar photovoltaic (PV) plant will sell electricity to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA). The power plant will connect to the grid via a substation that will be built by NEPCO.
José Perez, President of SunEdison for Europe, Middle East, Africa and Latin America, stated: "This project is a new proof point of SunEdison's capacity to develop innovative energy solutions matching government requirements in record time. Our wide expertise together with the partnership with world-class partners, such as OPIC and EBRD, have been crucial for this achievement."
Al Dahya, General Manager of SunEdison for MENA and Turkey, said: "This project will be critical for Jordan to increase its renewable energy capacity and to reduce its reliance on costly hydrocarbon imports. Photovoltaic energy has the potential to be an important part of the future diversified energy mix in the Middle East, reducing energy costs and contributing to the growing energy demand. This project represents just the beginning of SunEdison's long-term commitment to the development of the clean energy in the region."
Nandita Parshad, EBRD Director for Power and Energy, said: "We are delighted to finance the EBRD's first renewable project in Jordan and the Southern and Eastern Mediterranean. This is a region with a rapidly growing demand for power but also with a large potential for the development of renewables. Jordan in particular is a country where solar energy can make a clean and reliable contribution to meeting rising demand and reducing dependence on expensive hydrocarbons. We are very pleased to cooperate again with OPIC in Jordan and excited to be working for the first time with SunEdison, who have brought their world-class skills and experience to this groundbreaking project."
The project will cover an area of approximately 50 hectares and will feature SunEdison 330 monocrystalline modules and the AP90 Single Axis tracker. On an annual basis, the system is expected to generate approximately 57,000 megawatt hours (MWH) of electricity, saving the emission of 35,000 tons of carbon dioxide (CO2).
