Arabia Trading & Consulting (ATC) Reaches Financial Close

ATC Secures Financing for 66.69 MWp Solar PV Project

Arabia Trading & Consulting (ATC – an Arabia Group company), a leading Jordanian utility-scale solar developer, has announced it has reached financial close for its second solar project in Jordan, further cementing its commitment towards supporting Jordan’s renewable energy ambitions and expanding its investments in IPP solar assets.

Financial close has been achieved on a $65 million loan divided equally between the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO). The loan will be provided to Al Safawi for Green Energy PSC, an SPV representing the consortium of ATC and Fotowatio Renewable Ventures (FRV), to finance the Al Safawi 51 MW (66.69 MWp) Solar PV Plant.

The Al Safawi Solar PV Plant is ATC’s second solar project in Jordan, having previously developed the currently operational Arabia One 11.52 MWp Solar PV Plant in Ma’an as part of Round 1. By achieving this milestone, ATC remains the only developer to be successfully involved in each of Jordan’s renewable energy IPP programs and is the only local developer in Round 2. ATC’s affiliate MASE will be providing turnkey operations and maintenance services to the 66.69 MWp solar plant.

The project will incorporate single-axis tracking technology that will optimize its performance, with more than 200,000 monocrystalline photovoltaic panels that will generate enough electricity to supply more than 40,000 Jordanian homes. The project is expected to generate over 100 jobs during its construction and permanent jobs once the operation is started.

Mohanned Khalifeh, Arabia Group CEO, emphasised the importance of local developers in advancing Jordan’s dynamic shift towards clean and sustainable energy: “The Al-Safawi project further cements ATC’s commitment towards supporting Jordan’s renewable energy ambitions. The project, which was originated by ATC, is our second solar development in Jordan. As the only local developer to be successfully involved in this second round of solar programme, we endeavour to amplify our commitment through the capacity building of local Jordanian talent across all project phases. This project would not have achieved this important milestone without the unwavering support of the relevant public entities including the Ministry of Energy & Mineral Resources (MEMR) and the National Electricity Production Company (NEPCO).”

Harry Boyd-Carpenter, EBRD Director for Power and Energy, said: “This project is the third financed by EBRD under Jordan’s second round of its solar energy program, bringing the total installed capacity of power projects supported by EBRD in Jordan to more than 1,000 MW AC. We are pleased to continue our successful cooperation with FMO and FRV, and delighted to support FRV and ATC in this fruitful collaboration.”

Rafael Benjumea, CEO of FRV highlighted the social impact of the project: “Al Safawi’s project shows once again the commitment of the Jordanian government to implement its energy strategy and meet established renewable targets. With this being our latest project in Jordan, FRV is contributing to Jordan’s sustainable development with the generation of clean and affordable energy in the country.”