Masdar-financed Jordan’s wind power project has concluded the financial close to begin construction of the Middle East’s first utility-scale wind-power project.
The 117MW Tafila Wind Farm project being set up by Jordan Wind Power Project is located in Jordan, and set to increase the country’s total power capacity by three per cent. The project will cost an estimated $290 million.
JWPC is a co-development between InfraMed, 50 per cent; Masdar, 31 per cent; and EP Global Energy, 19 per cent.
“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.
Tafila will produce approximately 400GWh of electricity annually and displace 235,000 tonnes of CO2 emissions per year. With Jordan’s electricity demand expected to grow by an estimated five per cent 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 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. Today, countries in the region are increasingly integrating wind and solar power as commercially viable solutions to address long-term energy security. Just like the rest of the world, the Middle East is faced with meeting rising energy demand, while also reducing its carbon footprint.”
JWPC will start power delivery in 2014, building up to full commercial operations in 2015.
Project financing was provided by a group of international financial institutions and banks including the International Finance Corporation, the European Investment Bank, Eksport Kredit Fonden, OPEC Fund for International Development, FMO, Europe Arab Bank and the Capital Bank of Jordan.