What opportunities are emerging to export technologies from Jordan?
In the case of renewable energy in particular, Jordan is a regional leader in solar photovoltaic (PV). It was the first country to establish multiple, commercially based solar PV independent power producers (IPPs). Jordanian companies are now looking at Egypt, Lebanon, Tunisia, Morocco, Palestine, and Saudi Arabia to develop and execute projects. The same happened in solar heating after we invested in Millennium Energy Industries, a specialized Jordanian solar heating EPC with proprietary cooling and desalination technology. The opportunity for Jordan in solar energy is the regional market and perhaps the CIS region.
What dimensions does Catalyst Investment Management bring to its partnerships?
One of the dimensions we bring is our leading regional experience in solar PV. Our second strength is our credentials, as our investors are primarily European government investors.
Catalyst Investment Management's new fund seeks to co-develop over 700MW of renewable projects. What are the latest updates on that plan?
We have a finite amount of capital, though it also depends on how we bring partners into our projects, not to mention the costs, which are falling. We already have 43MW either in operation or under construction. We are currently pursuing about another 200MW through bidding or negotiating. Thus far, 80% of activity is in Jordan, though we target a ratio of 70% in Jordan and 30% in other markets. We are also bidding on projects and studying opportunities in wind, storage, LED lighting, and solar thermal. Outside of Jordan, we are exploring opportunities in Egypt, Tunisia, and Morocco. We also feel that Palestine, Iraq, and Syria are important in terms of exporting electricity from Jordan. They are on the government's agenda because we have too much power and renewable energy in Jordan, which is a problem for the local renewables industry.