CEC signs a US$26 million PPA for solar project in Jordan

Amman, March 29.

Clean Energy Concepts CEC and it’s partner Adenium Energy Capital, have signed the power purchase agreement with the National Power Electricity Company for the 10 MW solar project. The PPA was executed last week providing the project with a US$0.169/kWh tariff for 20 years.

CEC was founded by a group of visionary Jordanian Professionals, academics and business men who believed in the necessity of introducing the renewable energy to Jordan; aiming to become world-class provider of renewable energy in Jordan and the region.

“We as a Jordanian company are proud to be taking part in realizing such an important turning point for the energy sector in the country. Energy mix and energy independence are essential for the development and thrive of any society and this project is a cornerstone for the success and deployment of solar energy in our Jordan” said Mr. Jamal Badran, Chairman of CEC.

“This project is a groundbreaking development for solar power in Jordan and the region. Our solar project is going to generate power from a clean source of energy, increasing Jordan’s energy independence. Moreover, this will present great economic savings to the Jordanian government, and we are proud to be part of that solution. As for Adenium, this represents an important achievement in our region, making our investment one of the few private renewable energy investments in the Middle East” said Mr. Wassef Sawaf, CEO of Adenium.

The project will be located at the Ma’an Development Park and is expected to be connected by the second quarter of 2015.

“Since Jordan has more than 300 days per year of clear sunshine CEC is dedicated to helping the country become the Solar Energy Hub for the region. By co-developing this 10MW project and being short-listed for the upcoming 50MW, CEC will be one of the first companies that have been crucial in fostering Renewable Energy projects in Jordan” said Mr. Ramzi Al-Muna, Vice Chairman of CEC.

Mr. Jeremy Crane, Adenium’s COO, commented: "The execution of the PPA marks an exciting milestone for Adenium after three years of work. Over the coming months our team will be structuring financing, finalizing construction contracts, and ultimately contributing to building a new economic sector for Jordan."