Houston - Bracewell & Giuliani LLP represented Arabia Trading & Consulting Company in the project development and financing of the Arabia One project, one of seven solar photovoltaic (PV) projects in Jordan called the “Seven Sisters” which are located in Ma’an and which are collectively financed by International Finance Corporation (IFC), amongst other lenders. The project is part of Round 1 of the Government of Jordan’s Renewable Energy Program that aims to increase renewable energy contribution to 10 percent of the country’s generation mix by 2020.
Arabia One is a 10 MW solar photovoltaic (PV) power plant located in the Ma’an Development Area (MDA), south of the capital Amman, Jordan. All output generated by Arabia One will connect to a newly built substation in MDA and will be sold to Jordan’s National Electric Power Company under a 20-year Power Purchase Agreement.
Recently, the “Seven Sisters” projects were awarded the Middle Eastern Renewables Deal of the Year 2014 and Middle Eastern Overall Deal of the Year 2014 at the IJGlobal Middle East Awards, presented by Infrastructure Journal and Project Finance Magazine. The IJGlobal Middle East Awards recognize excellence, achievement and innovation in energy and infrastructure finance in the Middle East.
The transaction, which achieved financial close on May 19, 2015, was financed by IFC with parallel finance from Finnish Fund for Industrial Cooperation Ltd.
Bracewell will also represent developers in Round 2 of Jordan’s Renewable Energy Program.