EBRD, PROPARCO Support Renewable Energy Industry in Jordan

تم نشره في Thu 15 December / Dec 2016. 01:00 AM
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AMMAN — The European Bank for Reconstruction and Development (EBRD) said that it is continuing its support for the power sector in Jordan in cooperation with the Societe de Promotion et de Participation pour la Cooperation Economique (PROPARCO) by providing parallel loans totalling USD71 million to Al Ambaratouria solar energy company, for the construction of the 67 MW FRV Empire solar power project.

Al Ambaratouria is a Jordanian majority owned entity by Fotowatio Renewable Ventures (FRV).

The project is one of four being developed under the second round of Jordan’s solar programme and firmly establishes the country as a regional leader in the successful deployment of renewable energy, the EBRD said in a statement on Thursday.

The venture not only supports the shift towards sustainable, local sources of energy, but will also be one of the cheapest forms of electricity generation in the kingdom, the bank said. It also highlights the benefit of moving from a subsidised feed-in tariff regime to a tariff set by competitive tender.

To underline their continuing commitment to social and economic development in their countries of operations, the EBRD, FRV and PROPARCO will be funding a Young Talent Leader Scholarship at Instituto de Empresa (IE) University in Madrid. The scholarship will support the education of talented Jordanians to study for a four-year degree.

Commenting on the new project, EBRD Director for Power and Energy, Nandita Parshad said: "This project is a major milestone for the EBRD. It brings to more than 500 MW the total installed capacity of projects supported by the Bank in Jordan."