Jordan gets funding for key wind farm project
Amman, November 30, 2013
Jordan's pioneering $290 million wind farm project has secured financing and will be fully operational in 2015, the developer said on Thursday.
The developer is Jordan Wind Project Company (JWPC) whose sponsors are the Euro-Mediterranean fund InfraMed (50 percent), Abu Dhabi's Masdar (31 percent) and EP Global Energy (19 percent).
The 117 megawatt Tafila wind farm project secured financing from International Finance Corporation (IFC), the European Investment Bank, Eksport Kredit Fonden, Opec Fund for International Development, FMO, Europe Arab Bank and the Capital Bank of Jordan, a statement from JWPC said without giving details of the financing.
IFC, the lead arranger on the project, in a separate statement said the debt package was $221 million. The rest was equity from the partners.
"JWPC's 117MW Tafila Wind Farm is the first utility-scale renewable-energy project in the Hashemite Kingdom of Jordan and the region and is a major step toward getting Jordan on the renewable energy map of the world," said Samer Judeh, chairman of JWPC.
JWPC will start power delivery in 2014, building up to full commercial operations in 2015.
Tafila will produce approximately 400 GWh of electricity annually and reduce 235,000 tonnes of CO2 emissions per year.
Tafila is the first wind-power project to be developed under Jordan's Renewable and Energy Efficiency Law passed in 2010.
The law calls for the country to obtain 7 percent of its electricity from renewable energy sources by 2015, rising to 10 percent by 2020. When the Tafila project is fully developed, it will account for almost 10 per cent of Jordan's 2020 renewable energy target.-Reuters