22 January 2018
Europe Arab Bank provides funding for Jordan's largest renewable energy project - the Baynouna Solar Power Plant
Europe Arab Bank (EAB), in partnership with the International Finance Corporation (IFC), is providing financial support for development and construction of the 200 MW Baynouna Plant, the largest solar photovoltaic power plant in Jordan to date. The estimated total value of the project is USD 235 million. EAB is a participant in the B loan commitments alongside other lenders as part of arrangements led by the IFC.
The Baynouna solar energy plant, sponsored by Abu Dhabi’s clean energy arm Masdar, will supply approximately 110,000 homes while displacing an estimated 360,000 tonnes of carbon dioxide annually, the equivalent of taking nearly 80,000 cars off the roads. The construction project is expected to be fully operational during the first quarter of 2020.
Gavin Greenway, Relationship Director CIB, commented: "We are very pleased to support Jordan's endeavours to meet its growing demands for energy security and sustainability. The new Baynouna plant will supply power well below Jordan’s average cost of electricity, significantly lowering the expenses of long-term electricity generation in the country. Working with Masdar on this transaction, a pioneer in new energies, is exciting. Supporting renewable energy solutions remains one of the keystones of EAB`s work in the MENA Region."