Description

According to IFC, Baynouna Solar Energy Company (the Company) is mandated to develop, finance, construct, operate and maintain a greenfield renewable project in Jordan with a capacity of 200MWac, approximately 242 MWp solar photovoltaic (PV) plant 30km southeast of Amman, Jordan (the Project). The Company signed a Power Purchase Agreement to sell all electricity generated by the PV plant, with the Jordanian National Electric Power Company (NEPCO) for a 20 year period. IFC’s investment consists of senior A and B loans of up to US$97.25 million to the Company to support the development, financing, construction, operation, and maintenance of the Baynouna PV plant. Baynouna’s majority shareholder is renewable energy company Masdar, which holds 70% interest in the company.