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Publish Date : 05-Dec-2017

Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) and Shobak Wind Energy have inked facility deals for a $26-million funding to part finance the project to build a 45 MW wind farm in Jordan near the Shobak town municipality, 160 km south of capital Amman.

The balance of the Islamic senior funding is being offering by the European Bank for Reconstruction and Development (EBRD) and Europe Arab Bank (EAB).

The project firm is majority-held by Alcazar Energy Partners, a UAE-based independent developer active in the Middle East, Africa and Turkey.

The project is being developed by Alcazar Energy in a joint venture with US-based developer, Hecate Energy.

The project, which will deploy 13 wind turbines provided by Vestas Wind Systems, will be built over a 2-year period and have a total cost of nearly $104 million.

Once the project starts operations, the produced power will be sold to the Jordanian National Electricity Power Company (Nepco) under a long-term power purchase deal.

The project will help Jordan boost its power production capacity from clean, indigenous and renewable sources and reducing dependence on costly hydrocarbon imports.

It will help the country abate over 100,000 tons of CO2-equivalent per year, supporting Jordans emission reduction goals under the Paris Climate Agreement, as well as encouraging sustainable energy development and private sector participation in the countrys energy landscape.

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