EBRD supports Jordan with $265 million to strengthen the grid infrastructure for solar and wind power
Post date: 05/12/2018 - 19:30
The European Bank for Reconstruction and Development (EBRD) supports Jordan’s National Electric Power Company (NEPCO) with a $265 million long-term loan to strengthen the company’s balance sheet through refinancing of existing short-term debt. It will fund »vitally needed investments to enhance the capability of the grid to absorb and manage renewable power.«
Construction of new substations, automated grid management systems and transmission infrastructure will improve the integration of green energy into the national electricity network. As a result, solar energy generated in the north and south of the country will be able to feed into the grid and be directed towards areas with high demand, such as the capital Amman, says the EBRD: »Jordan’s remarkable renewable revolution leads the way in using private capital and skills to unlock the country’s great wind and solar resources.«
Since the start of its operations in Jordan in 2012, the EBRD has provided over €1 billion in 40 projects, including more than $466 million of loans to 12 projects within the country’s power and energy sector.