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.
