FRV/Empire Al Mafraq Solar PV Project (EBRD-48153)

Countries
  • Jordan
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 20, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Abdul Latif Jameel Group
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 35.47 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 98.45 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 22, 2017

Disclosed by Bank Jun 1, 2016


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Project Description
A senior secured loan of up to USD 35.5million to finance the construction of a 50 MW solar photovoltaic plant located within the King Hussein Bin Talal Development Area near the city of Al Mafraq in Mafraq Governorate, 80 km north of Amman in Jordan. The Project will be one of the first utility-scale solar plants of this size in Jordan and will support the country in increasing its renewable energy capacity and reducing its reliance on costly hydrocarbon imports. Project rationale stems from Jordan's strategy to procure cost-effective, indigenous energy supplies to mitigate its energy crisis. As part of the government's second round of direct proposals for solar ("Round 2"), the Project represents an important part of its ambitious programme to generate 10% of Jordan's electricity demand from renewables by 2020. The Project will assist Jordan in diversifying its power sector which is heavily focused on thermal power generation. It will increase the generation of energy through indigenous renewable sources and will be developed to comply with EBRD's E&S Policy 2014, which requires Projects to meet EU environmental standards.The Project marks the transition from a feed-in tariff model (Round 1 of government-run direct proposals process) to a tender process in which the tariff is set competitively (Round 2).
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information
COMPANY CONTACT INFORMATION Shalabh Arora Shalabh.arora@frv.com +971 4 375 8554 +971 4 45 18 763 http://www.frv.com/ 23rd Floor, Unit 2304, Jumeirah Business Center, Cluster G, Building G2, Jumeirah Lake Towers, P.O. Box 392632 Dubai, UAE ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.