Solar technology manufacturer SunEdison has secured $50m in financing from European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC).
The financing will be used in the construction of the company’s solar power plant in the Ma’an Governate, in Southern Jordan.
EBRD Power and Energy director Nandita Parshad said: "We are delighted to finance the EBRD’s first renewable project in Jordan and the Southern and Eastern Mediterranean."
Construction on the 23.8MW project will begin in Q4 2014 and interconnection is expected to take place in Q3 of 2015.
SunEdison’s project will feature SunEdison 330 monocrystalline modules and the AP90 Single Axis tracker.
Upon completion, the plant is expected to generate approximately 57,000MWhof electricity, saving the emission of 35,000 tons of carbon dioxide.
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By GlobalDataThe clean electricity generated at the plant will be purchased by the Jordanian National Electric Power Company (NEPCO), under a 20-year power purchase agreement.
The power plant will connect to the grid through a substation built by NEPCO.
SunEdison Europe, Middle East, Africa and Latin America president Jose Perez said: "This project is a new proof point of SunEdison’s capacity to develop innovative energy solutions matching government requirements in record time.
"Our wide expertise together with the partnership with world-class partners, such as OPIC and EBRD, have been crucial for this achievement."
