The University of Jordan (UJ) on Thursday signed agreements with two companies: "Kafa'a /Peak Electric"; and "Ahmad Badaweih Est. & Philadelphia Solar Co." with an aim to produce 16 MW of Solar power at UJ.
UJ also signed a financing agreement with Cairo Amman Bank/ UJ branch.
The agreements were signed by UJ President Prof. Abdul Karim Al-Qudah, 'Al-Kafa'a /Peak Electric' representative Dr. Ismail Al-Hunaiti, Ahmad Badaweih Est. & Philadelphia Solar Co representative Ahmad Badawi, and Cairo Amman Bank Executive Chairman Kamal Al-Bakri.
According to the agreements, the two companies will install a grid-connected 16 MW AC photovoltaic systems on UJ's rooftops and car parks.
The third agreement is an JD 8 million loan from Cairo Amman Bank to finance the project.
Al-Qudah confirmed that the project will be executed within one year, adding that the loan will be fully amortized within two and a half years.
The president concluded that the project will save an annual amount of JD 8 million, pointing out that this contract agreement followed a competitive tendering process.