IFC, a member of the World Bank Group, has arranged a financing package of up to $188 million for the largest solar photovoltaic (PV) power plant in Jordan to date—the latest in a series of efforts to boost renewable energy investments in a country faced with increased energy demand, in part driven by the growing refugee crisis.
The financing package for the 248-megawatt Baynouna facility developed by Masdar, Abu Dhabi Future Energy Company, includes $54 million from IFC’s own account and $134 million mobilized from other senior lenders including a parallel loan from Japan International Cooperation Agency (JICA). This is the first time JICA has invested in a private project finance transaction in the region. Other lenders include Dutch Development bank FMO and Europe Arab Bank as B lenders and OFID, the OPEC Fund for International Development and German development bank DEG as parallel lenders.
