December 1 (Renewables Now) - A 45-MW wind project in Jordan proposed by UAE-based Shobak Wind Energy PSC will get USD 52 million (EUR 43.7m) in debt financing from the European Bank for Reconstruction and Development (EBRD).
The financing will consist of two USD-26-million A and B loans, one funded by the Europe Arab Bank (EAB). The Islamic Corporation for the Development of the Private Sector (ICD) has provided the remaining USD 26-million portion of the required funds.
Construction on the USD-104-million Shobak project is expected to start by the beginning of next year, Daniel Calderon, co-founder and CEO of Alcazar Energy said. The latter is the owner of Shobak Wind Energy, which is partnering in the scheme with US-based power developer Hecate Energy.
EBRD noted it has supported 350 MW of renewable energy projects in Jordan, investing more than USD 1 billion.
(USD 1.0 = EUR 0.840)