Baynouna is the largest solar power project in Jordan and one of the largest solar projects in the Middle East. Once in full production, the energy produced can displace more than 360.000 tons of carbon dioxide per year and the electricity production is equivalent to 3% of the annual energy consumption of Jordan. The generated electricity will be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year Power Purchase Agreement. The solar park is expected to be fully operational during the first quarter of 2020.
Baynouna is a co-investment with Abu Dhabi Future Energy Company, i.e Masdar. Masdar is one of the leading renewable energy companies in the world and it has invested in renewable energy projects globally. Masdar is owned by Mubadala, an investment company of Abu Dhabi. Baynouna is already the second example of successful collaboration between Taaleri and Masdar. Before Baynouna, Taaleri and Masdar have co-invested in Serbia’s largest wind power project, Čibuk 1. Taaleri will participate in the construction and operation of the solar plant alongside the majority shareholder Masdar.
The estimated total project cost is up to EUR 210 million. International Finance Corporation (IFC), a member of the World Bank Group, is overseeing the debt funding for the project. IFC invested US$54 million of its own capital while securing US$134 million from five other lenders: Japan International Cooperation Agency, KfW, OPEC Fund for International Development, the Netherlands Development Finance Company, and Europe Arab Bank.
Jordan has pledged to produce 15% of its domestic electricity needs from renewable energy sources by 2020. Baynouna solar power project will support Jordan in meeting this renewable energy target. The electricity produced by the solar power project will be replacing 1.4 billion litres of imported crude oil in Jordan.
Taaleri Energia and Masdar constructing the largest solar power plant in Jordan