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June 18 (Renewables Now) - The Arab Petroleum Investments Corporation (APICORP) has acquired a 20% stake in the developer of the 117-MW Tafila wind farm in Jordan, the development bank said on Wednesday.
The 38-turbine power plant has been generating electricity since 2015. It is owned and operated by Jordan Wind Project Co (JWPC), a special purpose vehicle that is majority-owned by Abu Dhabi's renewables developer Masdar.
Following APICORP’s 20% purchase, Masdar will own a 50% interest, while the remaining 30% will be held by Tamasuk Holding, the infrastructure and development arm of Saudi Arabia’s Al Blagha Holding for Investments Co.
Located in Tafilah Governorate, the USD-287-million (EUR 255m) wind farm is producing around 350 GWh of electricity annually. The project was developed in line with the Kingdom’s goal to make clean energy account for 20% of its total power generation by 2021. According to the statement, it is responsible for 12% of the country’s overall renewables capacity.
The deal represents APICORP’s first direct equity investment in a wind energy venture, the Dammam-based financial institution said, adding that this is also its maiden equity purchase in Jordan.
(USD 1.0 = EUR 0.88+)