Philadelphia Solar to build 10MWac PV Station in Jordan

Amman | April 5th, 2015 — Philadelphia Solar and steel structure in the Middle East, has signed in Amman two facilities agreements with Capital Bank of Jordan for the financing of a
10MWac PV station in the north of Jordan.

Philadelphia Solar also announced that they have fulfilled all required Conditions Precedent and achieved financial close.

Philadelphia Solar is one of the 13 companies to be awarded projects under round 1 of the FiT scheme in Jordan. The project is one of the first to close financing. “It gives us great pride to announce financial close for this project, which is owned, built, operated, and financed locally in Jordan,” said Abdulrahman

Shehadeh, Chairman of Philadelphia Solar. “We are proud to work with Capital Bank of Jordan for financing the debt portion of the project. The bank leadership and team have proven to be true partners as we all went through the learning process associated with local financing.

The bank secured the debt from AFD and the Central Bank of Jordan with preferred terms,” added Shehadeh.

Bassem AlSalem, Chairman of Capital Bank said: “the bank strives to finance environmental-friendly and green energy generation projects.” AlSalem added that “this project will be built by a Jordan-based leading regional solar developer and manufacturer and financed locally, and the bank is happy to be a partner in this exciting achievement.”