Capital Bank, Jordan’s third largest bank in terms of capital and a pioneer in the field of renewable energy financing, has announced the signing of an agreement to the value of JD 11 million to build a solar power plant with Badia Company for Power Generation, a wholly owned subsidiary of Philadelphia Solar Co.
The agreement was signed by Bassem Khalil Alsalem, Chairman of Capital Bank, and AbdulRahman Shehadeh, Founder and Chairman of Philadelphia Solar Co, in the presence of Eng. Ahmad Thainat, Director General of the Irbid District Electricity Company, and Mr. Serge Snrech, representative of the French Development Agency in Jordan.
The agreement came after the Badia Company for Power Generation had purchased 10 megawatt electricity with the Irbid District Electricity Company. The electricity will be generated from solar cells located in the Manara area of the Mafraq Governorate.
Furthermore, Bassem Khalil AlSalem, Chairman of Capital Bank stated: “The Bank is keen on financing environmentally friendly projects that contribute to the increased reliance on green energy, in addition to enhancing the contribution of renewable energy to the national electric power grid.”
He added that renewable energy projects are significant markers for comprehensive and sustainable development, particularly given that the Badia Company for Power Generation’s project will be the first solar energy electricity generating plant, both built by Jordanians and funded by a Jordanian bank. AlSalem stressed Capital Bank’s determination to continue funding this promising sector, which offers employment opportunities and improved living standards.
AbdulRahman Shehadeh, Chairman of Philadelphia Solar Co., praised Capital Bank’s role in providing loans with favorable terms and long-term tenors in order to aid Jordan’s sole manufacturer of solar panels - whose products are exported to over 35 countries, including Europe and North America - reflecting Jordanian excellence and success.