Jordan Kuwait Bank (JKB) is one of the largest banks funding the energy sector in the local market. Its energy portfolio includes all major energy companies in Jordan.
Further, and since the enacting of the Jordanian Renewable Energy Law and with the view of promoting the development of clean energy, JKB has adopted a clear strategy through its Project Finance and Syndications department to include financing terms suitable for long-term renewable energy projects to finance projects in the renewable energy sector at various levels whether at the company level or the stakeholders’ level. Since then, JKB has been at the forefront of providing required financing for these projects leading the way in the local market.
JKB offers project financing terms necessary for the development of large renewable energy projects including long tenor (15+ years), high leverage up to (75%) and competitive pricing.
JKB has contributed over USD 60 million of financing to renewable energy projects, spread over a number of projects including equity financing for these projects. Notably, JKB participated in arranging the required financing for the largest wheeling sector project in Jordan implemented by the private sector in the form of a 37MW electricity generating project for private consumption. JKB completed the financing of the project in partnership with the European Bank for Reconstruction and Development which is one of the largest international banks involved in financing renewable energy projects.
Jordan Kuwait Bank (JKB) was one of the first banks in Jordan to establish its own solar power plant to cover its electricity needs, which led to reducing electricity costs by 85%.