Falcon Ma’an Solar Power
March 29, 2014, Catalyst signed a power purchase agreement for a 23MWp Solar PV
independent power project (IPP), with the Jordan Government. One of the MENA region’s first Solar PV IPP’s! The name of the project is Falcon Ma’an Solar Power.
Catalyst structured the equity of the project with high quality co-investors. MEI co-developed the project and is a 33% shareholder.
Falcon Ma’an is one of the most attractive solar PV concessions in Jordan, and has the following attributes:
- 23MW peak, fixed tilt (low risk), Solar PV (crystalline) technology
- Bankable PPA based on multi-later bank involvement with Government and Developers
- Attractive tariff, $0.169/kwh, no escalation, for a 20 year term
- Project site is one of the highest solar radiation areas globally, in the Ma’an Development Corporation’s (semi-soveriegn) Solar Park 1, with over 1,950 kwh/kwp per year
One of 8 projects in Solar Park 1
- Falcon Ma’an “neighbors” the substation, thus featuring lower transmission expense and losses, and also with a site having access land for potential expansion, and minimal civil work required
Financial Closing with lenders was in June 2015, led by the IFC.
Construction completed in June 2016.