The European Bank for Reconstruction and Development (EBRD) has announced that it will provide $265 million long-term loan to Jordan’s National Electric Power Company (NEPCO). The fund will be used to develop the integration of renewable energy into the grid. Apart from this, the loan will also assist NEPCO to refinance its existing short-term debt.
To transform the governance and operations of NEPCO, the Jordanian government and EBRD will support it by providing grant-funded technical cooperation assignments.
NEPCO will build new substations, automated grid management systems and transmission infrastructure for better integration of green energy into the national electricity network. This will allow solar energy generated in the north and south of Jordan to feed into the grid and be transmitted towards areas with superior demand of electricity, like its capital Amman.
The EBRD has provided over €1 billion ($1.1 billion) in 40 projects since the beginning of its operations in Jordan back in 2012, out of which $466 million of loans are given for 12 projects in power and energy sector.
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