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International Finance Corp. (IFC), the World Bank’s investment arm, will complete financing for a US$300mn wind power plant in Jordan in the coming weeks, allowing construction to start before the end of the year
According to a Bloomberg report, the lender’s head of infrastructure and energy for Middle East and North Africa Adil Marghub said the IFC will contribute about US$70mn to the 115MW project. It also has helped raise a further US$150mn through other institutions.
Jordan plans to boost its renewables capacity to meet electricity demand and curb imports of fossil fuels. The World Bank has stepped up its funding of clean-energy projects while scaling back support for coal-fired power to help nations mitigate the effects of climate change.
Partners in the Jordanian wind venture, known as Tafila, include investment vehicle InfraMed and Abu Dhabi’s Masdar.
IFC will also fund a photovoltaic project in the country next year and may finance as many as five of the 12 mini solar plants slated for development there, according to Marghub.