Baynouna Solar priced and signed
Masdar – via its 70% owned subsidiary Baynouna Solar Energy Company – has signed the project financing for the $235 million 200MWac/248MWdc Baynouna solar project in Jordan.
Located east of Amman, Baynouna is the largest single solar energy project under development in Jordan and is expected to be complete in the first quarter of 2019. Co-sponsor Taaleri bought a 30% stake in the scheme from Masdar last week. The plant will be linked to Al Muwaqqar substation located approximately 10 km outside Amman. The project is backed by a 20-year full offtake agreement with state-owned National Electric Power Company (NEPCO).
The financing – $188 million of 18.5-year debt priced at 375bp over Libor – includes a $54 million A loan from lead arranger IFC. The remaining $134 million of debt is split between IFC B loans from FMO and Europe Arab Bank, and parallel loans from JICA, the OPEC Fund for International Development and DEG.
The deal is JICA’s participation in a private project finance transaction in the region.
