The European Bank for Reconstruction and Development is providing a $265m loan to Jordan’s National Electric Power Company for renewable energy development in the Middle Eastern country.
The money will be used to refinance Nepco’s existing short-term debt and for investment to enhance the capability of the local grid to connect and manage clean power.
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Construction of new substations, automated grid management systems and transmission infrastructure will enable solar energy generated in the north and south of the country to supply high demand areas, such as the capital Amman, EBRD said.
Nepco and EBRD have also agreed reforms to strengthen the former’s governance and operations. This will be supported by grant-funded technical cooperation.