The 52 MW project will be located in Al Manakher, 25 km east of Jordan`s capital, Amman, and will power NEPCO for 20 years from the start of commercial operations scheduled for 2019. Mitsui – Co., Ltd (“Mitsui,” Headquarters: Tokyo, President and CEO: Tatsuo Yasunaga) and AES Jordan Solar B.V., a subsidiary of AES Corporation, one of the largest energy companies in the United States (“AES”), through a jointly created project company, entered into a 20-year power purchase contract (PPA) with the National Electric Power Company (“NEPCO”) of the United Kingdom of Jordan on April 26, 2017. The total cost of the project is approximately $50 million, and the project company is indirectly 40% owned by Mitsui and 60% by AES. Spain`s Photowatio Renewable Ventures (FRV) and Jordan`s National Electric Power Corporation (NEPCO) signed a 20-year electrical aviation contract (PPA) on Sunday for a 50 MW photovoltaic installation to be built in Mafraq, about 80 km north of the Jordanian capital, Amman. Faced with a 7% increase in electricity demand per year due to sustained economic growth, the Jordanian government decided to encourage the privatization of electricity in order to increase generating capacity. A Renewable Energy Act, passed in 2012, also aims to develop some 1,600 MW of renewable energy by 2020. This project is consistent with local needs and Mitsui will continue to contribute to the stability of electricity supply and the development of clean energy in Jordan by participating in this project. NEPCO, Jordan`s state-owned energy transmission company, will purchase electricity generated from the Fotowatios photovoltaic facility at 4.8949 jod cents per Kwh ($0.067/kWh), the result of Jordan`s second tender in May. As an PPI operator, Mitsui has power plants worldwide, develops and manages its electricity operations and will further strengthen renewable energy initiatives such as wind power and solar power generation.
Through these measures, Mitsui will continue to develop new companies that are proactively performing their functions in order to improve the quality of its portfolio and increase profitability. This is the third PPI project for Mitsui in Jordan (Mitsui and AES have already received projects in 2006 and 2012) and a total capacity of 700 MW of electricity generation will represent about 18% of the country`s installed capacity.