Gulf Cooperation Council grants $300m for renewable projects in Jordan
The Gulf Cooperation Council (GCC) will offer $300m in funding to Jordan to increase investments in the country’s renewable energy sector.
The funds are part of the $5bn grant from the council and will be employed to support 50MW-75MW solar projects and 75MW-100MW wind power projects in the Maan and Aqaba governorates.
Jordan is looking to improve its renewable energy portfolio that currently constitutes just 1% of overall energy generated to at least 10% by 2020.
To achieve the said objective, the Kingdom is currently in talks with 29 different developers to built 1,000MW solar and wind generation facilities.
The country had earlier secured a loan worth $112m loan from the World Bank to support the establishment of a 100MW concentrated solar power plant.