European Investment Bank To Finance Jordan's Renewable Energy Grids
The European Investment Bank has invested $97 million for renewable energy projects in Jordan. As the Middle East country appears to briskly expand its renewable energy arrangements, it is also planning to make sure its power grids are ready for the change before it takes place.
Jordan is looking to expand its renewable energy infrastructure. Also, the country is taking actions to certify that its transmission lines are ready for the change in renewable energy generation.
Prime Ministers of Jordan and France recently signed a contract stating that the French development agency will be providing $44 million loan to Jordan's National Electric Power Company. The loan would be used for the Green Corridor project. The project's goal is to set up new power grids and updating existing power lines to support the expansion of renewable energy schemes.
The European Investment Bank has pledged a debt worth $97 million worth of debt for the project. EIB will be financing two new transmission lines, upgrading three existing power grids and funding the new electricity substation construction.
China-based renewable energy enterprise Hanergy earlier this year granted $310 million to Jordan to construct an energy network dedicated to projects for renewable energy in the Middle East. Expansion of the transmission capabilities of the nation's power lines are essential to the plans of Jordan's government to intensify base capacity of renewable energy.
Presently, the transmission base in the country is at 3,200 megawatts. Jordan's government has earlier announced its plan to add 1,800 megawatts of renewable energy capacity. This would comprise 1,200 megawatts of wind energy and 600 megawatts of solar power by year 2020.
Also, the Multilateral Investment Guarantee Agency announced investment guarantees to cover for risks to four solar photovoltaic power projects in Jordan with total generation capacity of 50 megawatts. So far, Jordan has already allotted 400 megawatts of solar power projects through this year's auctions alone.
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