Kawar raises debt for private solar project in Jordan
Kawar Investment has raised a $34.6 million loan, via the EBRD as lead arranger, for a 37MWp solar project in Jordan.
The scheme will supply power to telecoms operator Orange Jordan and is the largest private-to-private solar project in Jordan to date. The project benefits from new regulations that allow private consumers to establish their own energy facilities under a process known as “wheeling” that transports electricity from within the grid to facilities outside the grid’s boundaries. Kawar Energy will be handling the operations and maintenance of all three solar parks for the next 20 years.
The financing comprises an EBRD loan of up to $15 million, $9 million from Jordan Kuwait Bank, $6 million from Arab Jordan Investment Bank (Qatar) and $4.6 million from the Climate Investment Funds’ Clean Technology Fund.
