Scatec Solar ASA (and its partners have entered into financing agreements totaling USD 100 million for the development and construction of three solar power plant projects in Jordan.

The projects have been developed jointly by Scatec Solar and its Jordanian partners, Quest Energy Investment LLC, European Jordanian Renewable Energy Projects LLC and Greenland Alternative Energy LLC. Scatec Solar will construct the plants and in addition provide operation and maintenance services when the plants are finalized and in operation.

"Securing financing for the Jordanian projects is an important milestone for Scatec Solar and an important contribution to meet our ambition of continued strong growth as an independent solar power producer,” said Raymond Carlsen, Scatec Solar CEO.

Scatec Solar will own 70 per cent of the 10 MW Oryx plant and 40 per cent of the two other plants, totaling 33 MW capacity. Completion of the solar power plants is scheduled for the second half of 2015.

Annual production from the three plants is estimated at 104,000 MWh, generating revenues of some USD 17 million per year. The electricity produced will be sold under a 20-year power purchase agreement with the National Electric Power Company (Nepco). All plants are located in the area nearby Ma'an City in southern Jordan.