IFC arranges financing for 50 MW wind project in Jordan
IFC, a member of the World Bank Group, has arranged a pioneering financing package of up to US$80 million to fund the construction of a new wind power plant in Jordan, near the town of Tafila, the latest in a series of efforts to boost renewable energy development in the country.
The 51.75 MW Abour Wind Farm in southern Jordan is being built by Abour Energy Company, which is a joint venture between Xenel International and AMEA Power. The financing package includes a US$28 million loan for IFC’s own account, as well as mobilized parallel loans from the Islamic Development Bank. IFC structured the transaction as an Islamic Finance Ijara transaction, its first in the renewable energy sector in the Middle East and North Africa. IFC also provided the swaps for the financing package.
The project is located in Jordan’s Tafila Governorate. The wind farm will generate over 145 GWh, serving approximately 83,000 customers annually. Its output will avoid greenhouse gas emissions of approximately 110,000 tons of CO2 per annum.
Country updates
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September 09, 2018
Jordan issues license for 50 MW solar PV project
Jordan’s Energy and Minerals Regulatory Commission (EMRC) has officially approved the construction of a 50 MW solar power plant by granting a license for to Al Husainiyah Power Generation Compan...
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August 20, 2018
IFC signs financing for 50 MW wind project in Jordan
The International Finance Corporation (IFC) has signed financing agreements for the Xenel wind project in Jordan, which consists the construction, operation and maintenance of a 49.5 MW...
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May 14, 2018
Philadelphia Solar has reached financial close on the project
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April 09, 2018
GE Electric provides the turbines for the project
GE Electric provides the turbines for the project. The facility is expected to be completed by the end of 2019
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March 29, 2018
Vestas has secured a full-scope EPC contract for the project
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