Eversheds brings solar projects to light in Jordan

Scatec Solar was advised by Eversheds on a joint venture to construct and operate three solar energy projects in Jordan. Norweigian company Scatec Solar and its Jordanian partners, Quest Energy Investment LLC, European Jordanian Renewable Energy Projects LLC and Greenland Alternative Energy LLC will jointly develop the projects. Scatec Solar will build the plants and maintain and operate the facility once constructed.

Annual production from the three plant is estimated to produce 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) guaranteed by the Jordanian government. All plants are located in the area nearby Ma'an City in southern Jordan. The debt financing will be provided by The European Bank for Reconstruction and Development (EBRD) and the French development agency Société de Promotion et de Participation pour la Coopération Economique (Proparco).

The Eversheds team was led by banking partner Indraj Mangat along with partners Rob McNabb, Iyad Zawaideh, Jean-Pascal Boutin and Associates Peggy Thom, Adeeb Jouhar, Matthew Gibbs and trainee Omer Mahdi.