Saudi’s ACWA Power takes 70% stake in Jordan’s solar firm

Saudi Arabia’s ACWA Power has acquired 70 percent in Jordan’s Sunrise Solar Energy Psc. which is developing a 50 megawatt solar plant in Mafraq Governorate, Jordan Times reported.

The value of the deal was not disclosed but is estimated to be around $150-200million, the report said.

The new plant, designed to reduce carbon dioxide emission by 2.3 million tons, is expected to be operational by 2017. There are two other renewable energy power plants with similar capacities in the region.

According to the U.S. Energy Information Administration (EIA), Jordan currently imports more than 90 percent of all its energy demand, and those imports account for more than 40 percent of the country's budget.

Renewable energy contributes around 3-4 percent to the national grid and this figure is set to increase 10 percent by 2020.

In late 2015, ACWA power and Jordanian government signed an agreement to upgrade a 485 megawatts plant called Al Hussain Thermal Power Station at a cost of $400 million.