By Andrew Lee in London
Wednesday, November 27 2013
Updated: Wednesday, November 27 2013
The Tafila Wind Farm project reached financial close today as IFC finalised a $221m debt package to back the development.
Developer Jordan Wind Project Company (JWPC) is planning to build the plant in the southern governorate of Tafila – the country’s first privately-owned renewable energy project.
JWPC is a venture involving InfraMed (50%), Masdar (31%) and EP Global Energy (19%).
In May Vestas issued a brief statement responding to “information in the market” over a 117MW Jordan order.
It said at that stage it would issue a further statement “as soon as the project translates into a firm and unconditional order in accordance with Vestas’ definition”.
The project hopes to begin power production next year, with full operation in 2015.
Tafila is the first wind project to be developed under Jordan’s 2010 Renewable and Energy Efficiency Law, which calls for 7% of electricity from renewable sources by 2015, rising to 10% by 2020.
Tafila will account for almost 10% of the country's 2020 renewable energy target, said the developers.
IFC – part of the World Bank Group – said it will provide $69m in loans and helped drum up another $79m from other lenders as part of the package.
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