Adenium Energy Capital, Ltd. (“Adenium”) is pleased to announce that its 15.6 MW Solar Photovoltaic Power Project in Rashadeya, Hashemite Kingdom of Jordan (the “Project”) in cooperation and partnership with Lafarge Cement Jordan, has reached financial closure on 29 November 2018. Adenium acted as the sole sponsor for this transaction, while Arab Bank PLC (“Arab Bank”) acted as the sole lender.
The power plant will supply electricity to Lafarge Cement Jordan’s (“LCJ”) cement factory in Rashadeya on a take-or-pay basis under a corporate Energy Savings Contract for a minimum term of 15 years. The Project also features a net-metering component, whereby any electricity not directly used by the cement factory will be injected into the national grid by the offtaker. The commercial operation date for the Project is expected to be in Q2 2019.
This is a landmark project for Adenium and a first of its kind in the Middle East. It heralds a great step forward in terms of reliance on alternative energy in the production of cement whilst minimizing its ecological footprint by lowering carbon emissions. The Project has received the support of the Jordanian Ministry of Energy and Mineral Resources in keeping with Jordan’s strategic goal of reducing dependency on imported fossil fuels by adding renewable generation capacity.
“This project is the first of its kind in the region; it is a build-own-operate project with a private offtaker that financed on a non-recourse basis. The PV plant will provide substantial savings to Lafarge’s electricity bills and is a great example of how renewable energy IPPs can add real bottom-line value to the private sector. We hope that this landmark project will pave the way for Adenium to provide similar solutions to private offtakers across our markets of operation”, commented Wassef Sawaf, Adenium’s CEO.
“We are very proud to be the leader in driving a positive change in the cement industry in Jordan, and to take a great step in minimizing our ecological footprint. We are continually exploring the best solutions for energy supply to our cement plants in Jordan and with this solar plant project in Rashadeya, we will be able to deliver our commitments to the LafargeHolcim Sustainability Development Plan 2030” commented Mr. Samaan Samaan, Lafarge Jordan Chief Executive Officer.