ACWA Sunrise Al Mafraq Solar PV (EBRD-48322)

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
International Company for Water and Power Projects (ACWA Power)
The holder of the loan, grant, or other investment.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 27.00 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)
$ 72.00 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 May 18, 2016


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
A senior secured loan of up to USD 27 million 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.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information
Company Contact Information Alexandre Allegue aallegue@acwapower.com +971 (0)4 509 1061 +971 (0)4 385 9625 http://acwapower.com/ ACWA Power Nassima Tower, Sheikh Zayed Road P. O. Box 30582 Dubai, UAE Accountability mechanism of the 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.