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EBRD grants loan for 45MW wind project in Jordan

Published 29 November 2017

Continuing to support Jordan’s wind power generation, the European Bank for Reconstruction and Development (EBRD) is providing a $52m loan for the construction and operation of a 45MW wind farm in the Shobak region, 160km south of the capital, Amman.

The loan will be provided to Shobak Wind Energy PSC, a company majority owned by Alcazar Energy Partners, a UAE-based independent developer active in the Middle East, Africa and Turkey. Alcazar Energy is developing the project in partnership with Hecate Energy LLC, a US-based developer.

The EBRD’s loan is split between an A loan provided on the Bank’s own account for US$ 26 million and a B loan funded by the Europe Arab Bank (EAB) for the same amount. The Islamic Corporation for the Development of the Private Sector (ICD) has also provided a parallel tranche of Islamic finance totalling US$ 26 million alongside the EBRD’s loan.  

The Shobak wind farm is the second wind farm to be financed by the EBRD under Jordan’s first round of its programme of private utility-scale wind projects. It is the ninth renewable project financed by the EBRD in Jordan and brings the cumulative installed capacity of renewable projects supported by the Bank to 350 MW.

Funding this farm, the EBRD aims to develop Jordan’s wind resources to deliver much-needed generating capacity, reducing the country’s import dependence and lowering the carbon intensity of the power sector.

Source: Company Press Release