IFC finalizes $221m debt package for wind farm in Jordan
Date
December 03, 2013
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IFC, member of the World Bank Group, has finalized a US$ 221 million debt package to support the development of a wind farm in Jordan, part of an effort boost the country's supply of renewable energy.The support from IFC will help the Jordan Wind Project Company 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 % annually.
The Jordan Wind Project Company a special purpose vehicle owned by sponsors the Euro-Mediterranean fund InfraMed, Masdar of Abu Dhabi and EP Global Energy of Cyprus.
Eksport Kredit Fonden, the European Investment Bank (EIB), FMO, the OPEC Fund for International Development, and Europe Arab Bank also participated in financing the project.
The Tafila wind farm 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.
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