Adenium Commissions 57 MW Solar Projects in Jordan
10 October 2016
Dubai, United Arab Emirates, Adenium Energy Capital, Ltd. announces the commissioning of four solar PV projects totaling 50 MW in Jordan. The four projects, 1 x 24 MW and 3 x 11 MW, which have been financed by the International Finance Corporation (IFC), Finnish Fund for Industrial Cooperation Ltd. (Finnfund), the Arab Bank and OPEC Fund for International Development (OFID), have recently been commissioned.
The three 11 MW plants in the Ma’an Development Area and the 24 MW plant in Mafraq benefit from a 20-year power purchase agreement with the Jordanian state-owned utility, National Electric Power Company (NEPCO). Adenium has teamed up with Kingdom Electricity for Energy Investments, Bank Al Etihad, and Clean Energy Concepts from Jordan as well as Corys Environment, part of Green Coast Enterprises from Dubai, to add 57 MW of clean, renewable energy generation capacity to Jordan’s grid. The investments have been backed by the Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group.
“Most of Jordan’s existing power capacity comes from fossil fuels—and much of its infrastructure is aging, inefficient, and vulnerable to supply disruptions”, said Wassef Sawaf, CEO of Adenium. “We hope to help the country transform its energy sector and are proud to lever our region-leading expertise in project development and energy asset management to create a clean and reliable renewable energy asset for Jordan.”
“Solar Power is a great way to diversify Jordan’s energy mix, improving energy security and reducing reliance on fuel imports. These first projects have led to following rounds of solar projects that will continue to make Jordan a more competitive economy in the region” says Jeremy Crane, COO of Adenium. “We will continue to work with Jordan’s businesses to provide less expensive energy and increase their competitiveness through our new venture, Yellow Door Energy.”
About Adenium Energy Capital, Ltd.
Adenium is a leading investment and development company specialising in clean and alternative energy. Launched in early 2010, Adenium has developed and invested in utility-scale projects in the Middle East, Europe, and Japan with a portfolio totaling 600MW of capacity. Adenium’s mandate is to build a diversified global portfolio of clean energy assets with an initial focus on the solar and wind markets.