JORDAN WIND PROJECT COMPANY PSC
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
The present project is the construction of a wind farm in Jordan. The project is being developed by Jordan Wind Project Company PSC (JWPC), a privately held company organized under the laws of Jordan. 50% ownership of the company is held by InfraTaf Holding S.A.R.L. (part of InfraMed Infrastructure Fund), 31% by Masdar Solar & Wind Cooperatief U.A. and 19% by EP Global Energy Limited (EPGE). InfraMed is a long-term investment vehicle launched in May 2010 by five major institutional investors. Masdar is a clean energy-focused institution, owned by the Government of Abu Dhabi. EPGE is a privately-owned company incorporated in Cyprus in 2006 with the purpose of developing independent renewable energy projects in Eastern Europe, the Balkans, the Middle-East and North Africa, with a focus on wind power.
What is our funding objective?
The project consists of the construction, operation and maintenance of a 117 MW wind farm and associated facilities in the Tafila region of Jordan, some 180 km south of Amman and 18 km north of the Port of Aqaba. The wind farm will be an independent power producer (IPP) and all the output generated will be sold to the country's single buyer, National Electric Power Company, under a 20-year Power Purchase Agreement.
Why do we fund this investment?
The project's development impact includes the generation of much needed energy from a domestic, renewable resource, providing for (i) diversification of the fuel mix, (ii) energy security, (iii) displacing expensive thermal power, (iv) avoiding greenhouse gas emissions, and (v) demonstrating the viability of renewable energy financing in Jordan. FMO will be a provider of long-term funding, which is not sufficiently available in the local market.
- Region
- Asia
- Country
- Jordan
- Sector
- Energy
- Effective date
- 11/27/2013
- Total FMO financing
- USD 29.49 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B+