Martifer Solar and Adenium Energy Capital, a Dubai-based investment and development company, were awarded a Power Purchase Agreement (PPA) for a 10 MW (AC) solar PV plant in Ma’an, a city located in the southern part of Jordan. The companies executed the 20-year PPA with the national utility of Jordan, NEPCO (National Electric Power Company), at a tariff rate of USD $0.169, which will provide reliable electricity with significant savings compared to the country’s current fuel oil generation rates.
Martifer Solar has been selected as the lead developer of the 10 MW project, as approved by the Jordan government. In addition, the company will provide engineering, procurement and construction (EPC) services for these first 10 MW. Following the connection of the plant, Martifer Solar will be responsible for the related operations and maintenance (O&M) service.
The project is being developed with Adenium Energy Capital, an investment company specializing in the financing and development of clean energy with a strong track record in finance and asset-based investments. Adenium will finance this project with a total value of around USD $26 million. This investment represents Adenium’s third solar infrastructure investment vehicle over the last two years, adding to its current 65 MW portfolio in Japan and 60 MW in Italy.
Covering an area of approximately 260,000 m2, the 10MW PV plant uses modules installed on single-axis trackers and is expected to produce an estimated 25 GWh/year. The project will also help spur economic growth in Jordan and the Ma’an area by providing more than 100 jobs to the local community.
“This project is a groundbreaking development for solar power in Jordan and the region. Our solar project is going to generate power from a clean source of energy, increasing Jordan’s energy independence. Moreover, this will present great economic savings to the Jordanian government and we are proud to be part of that solution with Martifer Solar,” said Wassef Sawaf, CEO of Adenium.
Jeremy Crane, Adenium’s COO, also commented, "The execution of the PPA marks an exciting milestone for Adenium after three years of work. Over the coming months our team will be structuring financing, finalizing construction contracts, and ultimately contributing to building a new economic sector for Jordan."
“We are pleased to be working together with Adenium Energy Capital and to have been awarded one of the coveted 12 agreements signed under the first round of projects from the Ministry of Energy and Mineral Resources in Jordan,” said Eduardo Pereira, Head of Middle East Business Development for Martifer Solar.
According to a statement given to the Jordan Times by Energy Minister, Dr. Mohammad Hamed, the projects awarded under this first round of the National Renewable Energy Plan will significantly help to cut the country’s rising energy bill, which is one of the main challenges being addressed at this time.