IFC to provide funding for 115-MW wind park in Jordan soon - report
Oct 4, 2013 - The International Finance Corporation (IFC) is to close financing for the 115-MW Tafila wind project in Jordan, worth USD 300 million (EUR 220m), in the following weeks, Bloomberg said Thursday, citing an IFC head.
The lender will provide some USD 70 million of the total amount for the scheme, enabling the start of construction works before the end of 2013, the business news provider said, quoting Adil Marghub -- IFC head of infrastructure and energy for Middle East and North Africa. The investment unit of the World Bank has also helped raise USD 150 million more in financing through other institutions.
According to IFC's website the Tafila independent power producer (IPP) wind project will be developed in Jordan's eastern region Tafila. It will feature 32 turbines made by Danish Vestas Wind Systems A/S (CPH:VWS). Following completion of the facility, its output will be sold to the National Electric Power Co under a 20-year power purchase agreement (PPA). The installation will be owned by the Jordan Wind Project Co, a joint venture of EP Global Energy Ltd, Abu Dhabi's renewables developer Masdar and InfraMed Infrastructure.
IFC expects to also offer financing for a solar park in Jordan next year and fund up to five mini solar systems, Bloomberg said. The lender is expected to channel some USD 300 million in the renewable sectors in the Middle East and North Africa in 2013 and at least USD 200 million in 2014, Marghub was cited as saying.
Jordan aims to bolster the share of renewables in its total energy mix in an effort to lower imports of fossil fuels. The country’s government has set a target to source 10 % of its total power production from renewable energy sources by 2020.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.