ACWA Power has announced the signing of financial agreements for ACWA Power Mafraq, a planned solar plant in Jordan.

The financing comprises an ‘A loan’ of $27 million from the European Bank for Reconstruction and Development (EBRD) and a ‘B loan’ of the same amount from the Netherlands Development Finance Company (FMO), a company statement indicated.

The project, developed by ACWA Power, will deliver the lowest tariff of 6.13 US cents/kWh in the Round II of the Photovoltaic Procurement program of the Jordan Ministry of Energy and Mineral Resources.

The plant will be located in the Mafraq Development Area, 50km north-east of Amman, and part of a 150MW Solar Complex.

Thamer Al Sharhan, Managing Director of ACWA Power and Chairman of CEGCO, commented: “This project is yet another demonstration of our commitment to the socio-economic development of Jordan. We are proud to be responsible for reliably delivering clean energy at the lowest ever tariffs to the Kingdom.”

Rajit Nanda, Chief Investment Officer of ACWA Power remarked: “The partnership with EBRD for funding this project has been a critical component in helping us support record low tariffs for renewable energy in Jordan.”