AMMAN: Jordan’s Philadelphia Solar has closed financing on a 10 MW PV power plant under round one of the country’s FIT scheme. The company says it is the first project to do so under the FIT scheme. Those Jordanian banks are showing readiness to provide debt financing for utility scale solar is a positive sign for the industry. Jordan continues to lead the MENA region as a solar market with a local solar developer and manufacturer closing US$15.5 million in financing for a 10 MW power plant. In an encouraging sign, local lenders have provided debt financing for the PV power plant. The Capital Bank of Jordan will provide debt financing for the project, under two facilities agreements.
Philadelphia is one of 13 companies developing projects under the first round of Jordan’s PV FIT program. The company says it is the first to close the financing on a project. “It gives us great pride to announce financial close for this project, which is owned, built, operated, and financed locally in Jordan,” said Abdulrahman Shehadeh, Chairman of Philadelphia Solar. “We are proud to work with Capital Bank of Jordan for financing the debt portion of the project.” Debt is being provided by AFD and the Central Bank of Jordan.
