GEC NEWS WIREFinancial Close Reached to Build the First Utility-Scale Wind Farm in Jordan
Jordan Wind Project Company (JWPC) signed the financing agreement to begin construction of the Middle East’s first utility-scale wind-power project. Located in the Hashemite Kingdom of Jordan, the 117MW Tafila Wind Farm will increase the country’s total power capacity by 3%. The project will cost an estimated US$290 million.
JWPC is a co-development between InfraMed (50%), Masdar (31%) and EP Global Energy (19%).
“JWPC’s 117MW Tafila Wind Farm is the first utility-scale renewable-energy project in the Hashemite Kingdom of Jordan and the region and is a major step toward getting Jordan on the renewable energy map of the world,” said Samer Judeh, chairman of JWPC. “His Majesty King Abdullah’s Vision and the Jordanian Government’s strategy, aims to encourage investors and financiers to make these vital projects possible.”
InfraMed CEO, Frederic Ottavy, said “The Tafila project is responding to Jordan’s pressing energy needs while adapting to the country’s unique fossil fuel resource situation, water scarcity and wind abundance. This investment is firmly consistent with InfraMed’s long term commitment to renewable energy in the region”
With Jordan’s electricity demand expected to grow by an estimated 5% annually until 2020, the country is rapidly developing new sources of energy generation to avoid future shortfalls.
“Jordan is one of the Middle East’s most promising clean energy markets and this project is another milestone in the region’s energy evolution,” said H.E Dr. Sultan Al Jaber, CEO of Masdar, Abu Dhabi’s renewable energy company. “Jordan is a prime example of where the cost of renewable energy is lower than conventional sources of power generation. This project is a natural step toward Jordan’s energy and economic security.”
JWPC will start power delivery in 2014, building up to full commercial operations in 2015.
