Nebras Power Q.P.S.C. signs a financing agreement to develop a 52 MWe solar power plant

Fourth power project for Nebras in Jordan after Amman East, IPP4 Al Manakhar and Shams Ma’an Power Plants

Second solar power project reflecting Nebras’ commitment to expand its investments in renewable energy sector.

Nebras Power Q.P.S.C. (“Nebras”) announced that the consortium of Nebras, AES Jordan (“AES”) and Mitsui & Co. Ltd. (“Mitsui”) has signed financing agreement to develop a 52 MWe solar power plant in the Hashemite kingdom of Jordan, east of Amman and has achieved financial close.

This project marks the fourth power project for Nebras in Jordan after Amman East, IPP4 Al Manakhar and Shams Ma’an Power Plants. It is the second solar power project, which underlines the importance of clean energy projects for Nebras and reflects its commitment to expand its investments in renewable energy sector.

"We are delighted to start 2018 with such achievement showing our commitment to global expansion in line with our long-term investment strategy of reaching a net portfolio of over 5000 MW in the next five years. This is evinced by the rapid growth of the company since its inception in mid-2014,” commented HE Mr. Fahad bin Hamad Al Mohannadi, Chairman of Nebras Power.

“This project marks the fourth power project for Nebras in Jordan after Amman East, IPP4 Al Manakhar and Shams Ma’an Power Plants. It is the second solar power project, which underlines the importance of clean energy projects for Nebras and reflects its commitment to expand its investments in the renewable energy sector. Nebras Power shall continue its efforts to increase its electricity production capacity, taking into account the importance of the diversity of fuel and technology used,” said Engineer Khalid Mohammed Jolo, Chief Executive Officer of Nebras Power.

In addition, Mr. Faisal Obeid Al Siddiqi, Chief Business Development Officer at Nebras Power stated: "We are pleased to reach financial close for this project which is an expression of our strong partnership with the Hashemite Kingdom of Jordan. With the addition of this project, Nebras provides over 700 MW to the electricity grid of Jordan, contributing to the steady growth in energy demand and the stabilization of the energy sector in the country.

The Project will sell the generated electricity to National Electricity Power Company (“NEPCO”) under a 20-year power purchase agreement (PPA) signed in April 2017 with NEPCO. The total project cost is approximately USD 50 million and is expected to reach commercial operation status in 2019.