Shams Ma’an Power Generation PSC reached financial close on 18 May 2015 for the Shams Ma’an Solar Photovoltaic Project in Jordan.

The consortium is owned by Diamond Generating Europe (a subsidiary of Mitsubishi Corporation), Nebras Power QSC (a Qatari Company) and local firm Kawar Group. Mizuho Bank, acting as the Structuring Bank, have organised the finance for this project totalling USD 129m, including Nippon Export and Investment Insurance covered loan from commercial banks (Standard Chartered Bank and Mizuho Bank itself) and direct loan from Japan Bank for International Cooperation. First Solar will provide the construction, operating and maintenance services.

Shams Ma’an is a 52.5 MW solar photovoltaic facility being constructed in the Ma’an region of south Jordan. When operational in late 2016, the power station will generate around 1% of Jordan’s total capacity, providing 160 million kWh of electricity per year. The consortium have signed a 20 year Power Purchase Agreement with the National Electric Power Company, Jordan’s power generation and distribution authority.

Operis was pleased to provide model audit services for Mizuho Bank including a full tax and accounting review.

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