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IFC Finalizes $221 Million Debt Package for Wind Farm in Jordan
 
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Amman, Nov.26,(Petra)- The International Finance Corporation (IFC) , a member of the World Bank Group, has finalized a $221 million debt package to support the development of a pioneering wind farm in Jordan.

The package is part of an effort to boost the country's supply of renewable energy and encourage economic development.

It will help the Jordan Wind Project Company (JWPC) build a 117-megawatt plant in the southern governorate of Tafila. IFC, the lead arranger on the project, provided $69 million in loans and helped directly mobilize another $79 million from other lenders.

The wind farm will be the country’s first privately-owned renewable energy facility. It will help boost power supplies in Jordan, where demand for electricity is increasing at about 8 percent annually. It is also expected to help curb greenhouse gas emissions, lessen Jordan's reliance on imported fossil fuels, and set a precedent for future investments in renewable energy.

The Jordan Wind Project Company (JWPC) a special-purpose vehicle owned by sponsors the Euro-Mediterranean fund InfraMed, Masdar of Abu Dhabi, and EP Global Energy of Cyprus. The Tafila wind farm is expected to produce electricity at a price up to 25 percent less than that of thermal power while avoiding the emission of 224,000 tons of carbon dioxide annually.

"With fossil fuels becoming increasingly expensive, and the specter of climate change looming, it is important for countries like Jordan to harness renewable energy," said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. "At the same time, it is vital for lenders to support the sector, and this project will help demonstrate its potential." The investment is part of an IFC effort to increase the use of renewable energy in the Middle East and North Africa, where abundant sunshine and strong winds make it a natural fit.

Jordan has made strong progress in the renewable energy field, developing several solar and wind power projects while aiming to have renewables account for 10 percent of electricity generation by 2020. The Tafila wind farm is the first of these projects to reach financial close. It is expected to set an important precedent for further investments in the sector, and help establish Jordan as an important new destination for renewable energy investment in the Middle East.

Eksport Kredit Fonden, the European Investment Bank, FMO, the OPEC Fund for International Development, and Europe Arab Bank also participated in financing the project.

//Petra//S.Kh 27/11/2013 - 02:40:03 PM
 
 
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