Jordan's state power firm gets 265-million-USD loan from European bank

Source: Xinhua| 2018-12-05 05:36:51|Editor: yan
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AMMAN, Dec. 4 (Xinhua) -- The European Bank for Reconstruction and Development (EBRD) on Tuesday signed a multi-year loan agreement worth 265 million U.S. dollars with Jordan's state power company to promote its reforms and increase share of renewable energy.

The loan, provided to Jordan's National Electric Power Company (NEPCO), aims at enhancing the integration of renewables into Jordan's national power network, advancing reforms within the company, as well as opening the door for investments to increase the share of renewable energy.

On the sidelines of the agreement, a memorandum of understanding was also signed between the Jordanian government and the EBRD to set an "ambitious" program of reforms to NEPCO's governance and operations, the EBRD said in a statement.

Seeking to boost the role of renewables in Jordan's energy sector, the deal comes after the "successful" deployment of the first rounds of renewable energy in Jordan, the bank said.

"NEPCO has been at the heart of Jordan's remarkable renewable revolution, which leads the way in using private capital and skills to unlock the country's great wind and solar resources," the bank said.

It added that "construction of new substations, automated grid management systems and transmission infrastructure will improve the integration of green energy into the national electricity network."

Since the start of its operation in Jordan in 2012, the EBRD has provided over 1.13 billion dollars in loans to 40 projects in Jordan, 466 million dollars of which were for 12 projects in Jordan's energy sector.