Voltalia, an international player in renewable energies, has signed a share purchase agreement to acquire a 70% controlling stake in a portfolio of four solar plants (57 MW) in Jordan built, maintained and partially developed by Voltalia since 2015.
Supported by the recent development of its solar hub in Egypt and long-term local presence as a Service provider, Voltalia becomes a power producer in the growing Jordan market. Energy demand in Jordan is expected to grow steeply, with an estimated 2.5 GW increase of installed capacity over 2017 - 2025 thanks to the competitiveness of photovoltaic power.
The portfolio bought by Voltalia includes three 11 MW plants located in Ma’an and a 24 MW plant located in Mafraq, for a total of 57 MW. Voltalia knows these solar plants perfectly well as a service provider: it was involved in their development and has been fully in charge of their construction in 2015 and their maintenance since their commissioning in 2016.
Their owner naturally turned to Voltalia to divest the plants, given Voltalia’s historic presence, knowledge of the assets, and long-term historic ties with the International Finance Corporation, member of the World Bank Group, which is the main funder of the four plants.
The solar plants benefit from a 20-year public-utility PPA signed in 2016. Revenues are dollarised and guaranteed by the Government of Jordan for the full duration of the PPA.
“Thanks to our strong position in Jordan and Egypt, and given our central role of one-stop-shop Service provider to these solar assets, we have been able to seize an opportunity in line with our strategy to further diversify energy sources and geographies” comments Sébastien Clerc, Chief Executive Officer of Voltalia.
As of today, solar energy represents 20% of Voltalia’s total installed capacity. With 1 GW of additional solar capacity signed since June 2019, Voltalia intends to further grow this technology in its three main regions.
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Read the article online at: https://www.energyglobal.com/solar/05112020/voltalia-buys-stake-in-four-solar-plants-in-jordan/