Jordan

Jordan

Finance lined-up for Jordan's Shobak project

JORDAN: The European Bank for Reconstruction and Development (EBRD) has agreed to provide a US$52 million loan to Alcazar Energy and Hecate Energy to build and operate the 45MW Shobak wind farm.

Jordan's wind capacity is targeted to grow from the current 133MW to 1.2GW by 2020 (pic: JWPC)
Jordan's wind capacity is targeted to grow from the current 133MW to 1.2GW by 2020 (pic: JWPC)

The EBRD will provide half the loan from its own account, with the rest being funded by the Europe Arab Bank (EAB). The Islamic Corporation for the Development of the Private Sector (ICD) will provide a further $26 million compliant with Islamic finance.

The project is being developed by UAE-based Alcazar, the majority shareholder, in partnership with Hecate Energy of the US.

Vestas is slated to supply the turbines, with construction due to start in early 2018 and commissioning planned for spring 2020.

The output will be sold to the Jordanian National Electricity Power Company (NEPCO) under a long-term power purchase agreement.

Located in the Ma'an Governate 160km south of Amman, the project is being handled under the "direct proposal" process, whereby private-sector developers can submit projects without going through a tender.

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