Adenium finances U.S.$26 million of solar projects in Jordan
Dubai, April 6th, 2014 – Adenium Energy Capital has successfully co-developed and equity financed 10 MW of solar power projects in Jordan, which will have a total value of around U.S.$26 million. This investment represent Adenium’s third solar infrastructure investment vehicle over the last two years, adding to its current 65MW portfolio in Japan and 60MW in Italy.
Adenium and its partner, Bright Group Investments, have signed the power purchase agreement with the National Power Electricity Company for the 10 MW solar project. The PPA was executed last week providing the three projects with a U.S.$0.169/kWh tariff for 20 years.
“This project is a groundbreaking development for solar power in Jordan and the region. Our solar project is going to generate power from a clean source of energy, increasing Jordan’s energy independence. Moreover, this will present great economic savings to the Jordanian government, a solution we are proud to be part of. As for Adenium, this represents an important achievement in our region, making our investment one of the few private renewable energy investments in the Middle East” said Mr. Wassef Sawaf, CEO of Adenium.
The project will be located at the Ma’an Development Park and is expected to be connected by the second quarter of 2015.
Mr. Jeremy Crane, Adenium’s COO, commented: “The execution of the PPA marks an exciting milestone for Adenium after three years of work. Over the coming months our team will be structuring financing, finalizing construction contracts, and ultimately contributing to building a new economic sector for Jordan”.