Luxembourg: The European Investment Bank (EIB) has signed a financing agreement worth $72 million to fund the development of energy projects in Jordan.
The financing will be used to build a new electricity substation with power transformers and associated electrical equipment in New Ma'an located north of the city of Ma'an, as well as to construct new transmission lines and modify existing substations to accommodate these new lines, reports Energy Business Review.
The project planned to be carried out between 2015 and 2018 is part of the National Electric Power Company’s Green Corridor project, which is considered to be an essential part of the country's renewable energy development program.
Jordan aims to generate 10% of its total power from renewable sources by 2020.
Source: Energy Business Review