Financial close for 89MW Al Fujeij

JORDAN: South Korea's KEPCO has reached financial close on its long-delayed 89.1MW Al Fujeij project, 150km south of the capital, Amman.

Vestas is expected to build the 89MW project on a turnkey basis, using its 3.3MW V126 turbines

The Exim Bank, also based in South Korea, is providing a direct loan of $64 million (€62 million) and covering a loan of $52 million from Mizuho and Sumitomo Mitsui Banking Corp. Commercial banks are providing equity bridge facilities amounting to $81 million.

Vestas confirmed it would build the plant on a turnkey basis, supplying 27 of its V126 3.3MW turbines.

The project dates from a tender launched in 2010, which was awarded to KEPCO on a build, own and operate basis. It was then held up for lack of grid capacity, but recently got the green light thanks to the "Green Corridor" network upgrade.

The plant is expected to start operating in late 2018.

Jordan has seen a flurry of activity recently, with 86MW also getting the go ahead at Al Rajef and the launching of a new call for 100MW.