World Bank supporting solar energy projects in Jordan

The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group, is backing the development, construction and operation of four solar power projects in Jordan, adding 50 megawatts of clean, renewable energy generation capacity to the country’s grid.

The plants in Maan and Mafraq benefit from a 20-year power purchase agreement with the National Electric Power Company, according to a MIGA statement released Wednesday.

MIGA’s investment guarantees of $15.6 million cover equity investments by private-equity fund Adenium Solar Jordan for up to 20 years against the risks of transfer restriction, expropriation, breach of contract, and war and civil disturbance, the statement said. The World Bank Group’s International Finance Corporation is also supporting the projects as a lender.