Mizuho-Led Group Finances Jordan’s Largest Solar Project

Mizuho Bank Ltd. of Japan and two other lenders arranged $129 million in project financing for the largest photovoltaic plant being developed in Jordan.

The 52.5-megawatt Shams Maan power-generation project in the south of the country also obtained loans from the Japan Bank for International Cooperation and London-based Standard Chartered Plc, Mizuho said today in a statement. Mizuho provided $39 million, it said without giving more details.

The plant is the largest of 12 with a combined 170 megawatts that qualified for state subsidies in Jordan’s first call for renewable-energy projects. A second tender is open as part of plans to boost power generation from clean sources to 10 percent of the total by 2020 from about 1 percent now.

Shams Maan is 35 percent owned by Mitsubishi Corp.’s Diamond Generation Europe unit while Qatar Electricity & Water Co. subsidiary Nebras Power and Kawar Energy Co. of Jordan each hold 30 percent interests. Diamond and Nebras acquired their stake from First Solar Inc. in August. The U.S. company will build and operate the plant from 2016.

The loans from the two commercial banks will be insured by Japan’s export credit agency Nippon Export and Investment Insurance, Mizuho said.

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