$265 Million From EBRD For Jordan’s Grid

European Bank For Reconstruction & Development To Lend $265 Million To Jordan’s National Electric Power Company To Strengthen Country’s Grid’s Ability To Absorb & Manage Renewable Power, Including Solar PV
07:46 AM (Beijing Time) - 06. December 2018

Like several other nations, Jordan is anticipating an increasing numbers of renewable energy projects to inject clean power into the grid. NEPCO now wants to improve the resilience of the grid to absorb this capacity, which is supported by EBRD through a loan of $265 million. (Photo Credit: EBRD)

Key Takeaways

  • EBRD has announced it will lend $265 million to Jordan’s NEPCO to help it strengthen its grid and its ability to manage renewable energy
  • NEPCO will use the proceeds to construct new substations, automated grid management systems and transmission infrastructure
  • All these measures will enable the national grid to integrate renewable energy into the grid including solar power generated in the north and south of the country
  • EBRD will also cooperate for an ambitious program of reforms to improve NEPCO’s governance and operations

The National Electric Power Company (NEPCO) in Jordan will get $265 million loan from the European Bank for Reconstruction and Development (EBRD) to enhance the ability of its grid to be able to absorb increased renewable energy generation.

Proceeds will be used to construct new substations, automated grid management systems and transmission infrastructure to improve integration of green energy into the national electricity network, including solar energy generated in the north and south of the country. This solar power can then be directed towards areas with high demand, such as Jordan’s capital Amman.

EBRD says its loan will strengthen NEPCO’s balance sheet through refinancing of short-term debt and will fund vitally needed investments to enhance grid capability to absorb and manage renewable power.

The bank will also support NEPCO carry out ‘an ambitious programme of reforms that will strengthen NEPCO’s governance and operations’ and will be supported by grant-funded technical cooperation assignments.

Several Solar power projects in Jordan are supported by financing coming from the EBRD. In December 2017, EBRD approved a $22 million loan for its 8th PV project in the country, the 50 MW Risha Solar Power plant from ACWA Power (see $22 Million Loan For 50 MW Jordan PV Project).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani