26/09/2017 09:37 AST

Saudi-based Abdul Latif Jameel Energy, a leading GCC-based solar PV (photovoltaic) developer, said one of its key units has secured funding for a major solar project that can power more than 120,000 homes in Jordan and also generate 435 million kWH of electricity per year.

The transaction was done with the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO), through a $65 million loan for the development of the Al-Safawi solar plant located in the north of Jordan.

This is Abdul Latif Jameel Energy’s third project in Jordan following Mafraq I and II, bringing the total number of homes to be powered with clean energy past 120,000, said the statement.

On completion of the project, the Saudi firm will be supplying 435 million kilowatt hours of electricity per year in total across the country.

The new 51 MW plant will be located in Safawi, a region in the north of Jordan and an area with high solar potential. The development of the project includes the design, financing, construction and management of the operation and maintenance (O&M) services of the photovoltaic plant, spanning 170 hectares, said a statement from the company.

This will further help in to bring clean energy to the Middle East, it added.

On the deal, CEO Roberto De Diego Arozamena said: "Abdul Latif Jameel Energy has been leading the way on developing solar projects in the region, and our work in Jordan is part of that."

"Governments across the Middle East have set bold targets for renewable energy, just like in our home country of Saudi Arabia, who are forging ahead with projects like Sakaka PV project and Al Jandal Wind Farm. So we remain committed to being the leading solar PV development company in the Middle East and beyond, and contributing to the generation of clean and affordable energy," he noted.

With TSK as the EPC contractor, the project will incorporate single-axis tracking technology that will optimize its performance, with more than 200,000 crystalline photovoltaic panels that will generate enough electricity to supply more than 40,000 Jordanian homes, said the company in a statement.

The project is expected to generate 240 jobs during its construction.

The loan will be provided to Al-Safawi for Green Energy PSC, a Jordanian company 70 per cent owned by FRV and 30 per cent owned by Arabia Trading & Consulting Company Ltd (ATC), it added.


Trade Arabia

Ticker Price Volume
QNBK 196.99 124,786
APPC 53.30 133,976
SAICO 11.92 520,367
JARIR 154.40 89,382
SABIC 119.80 1,240,718
ALMARAI 50.90 239,969
ALINMA 22.04 8,511,404
Arab Strategy Forum 2018 to kick off Dec.12 in Dubai

11/12/2018

The Arab Strategy Forum (ASF), taking place under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday announced the deta

Saudi Gazette

Oman’s retail sector expected to expand 9.3% in five years

11/12/2018

Retail sales across four Gulf countries are projected to increase by more than US$24 billion over the next five years, with Oman’s retail industry expected to rise 9.3 per cent during that period, ac

Times of Oman

CBO becomes full member of Islamic Financial Services Board

11/12/2018

The Central Bank of Oman (CBO) has confirmed that it has become a full member of the Islamic Financial Services Board (IFSB), an international organisation that promotes sound Islamic banking and set

Times of Oman

Oman Post embarks on journey of transformation

11/12/2018

In line with the national logistics strategy to position the Sultanate as a leading trade and logistics hub, Oman Post is organising the first edition of the Oman Post Forum 2018 at the Sultan Qaboos

Oman Daily Observer

Saudi Arabia said to be reviewing expat fees as economy feels sting

11/12/2018

Saudi Arabia is reviewing its policy of imposing fees on expatriate workers after rising costs inflicted economic pain and contributed to an exodus of foreigners, according to four people familiar wi

Gulf News