Jordan’s debt-ridden power firm Nepco has signed a $265mn concessionary loan deal with the European Bank for Reconstruction and Development (EBRD). The loan will enable Nepco to refinance existing high-interest short-term debt and fund investments to improve the grid’s ability to incorporate renewable power plants. This will include installing substations and transmission lines to enable solar plants in the north and south of the country to deliver electricity to high demand areas such as Amman.

The EBRD loan is repayable in 18 years including a four-year grace period, with interest of 1% over Libor. Nepco reported accumulated losses of $6.85bn for the year ending December 2017. (CONTINUED - 156 WORDS)