Masdar Eyes $300mn Investment In Jordan Solar

UAE’s renewables firm Masdar announced an agreement with Jordan’s Ministry of Energy for development of a “commercially-driven utility scale” solar photovoltaic plant. Jordan is seeking to diversify from imported oil and gas to fire conventional power plants, particularly since gas deliveries from Egypt dried up in 2012.

Masdar CEO Ahmad Belhoul said that the company, which is owned by Abu Dhabi investment house Mubadala, plans to invest around $300mn in the Jordan solar project. “We expect financial close in the fourth quarter of 2016,” says Mr Belhoul.

While no estimate of total development cost for the project has been given, it is likely that Masdar envisages its own investment as part of a development consortium. Masdar recently completed the development of the 117MW Tafila wind in Jordan as part of the Jordan Wind Project Company (JPWC) consortium. (CONTINUED - 389 WORDS)