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The Jordan Wind Project Company (JWPC) has secured funding from international organisations to start constructing its US$290mn wind farm, which is expected to start generating power in 2014
According to Reuters, the country’s first 117 MW wind farm, known as Tafila, got financing from the International Finance Corporation (IFC), the European Investment Bank, Eksport Kredit Fonden, OPEC Fund for International Development, FMO, Europe Arab Bank and the Capital Bank of Jordan.
IFC said it gave JWPC a debt package of US$221mn.
Euro-Mediterranean fund InfraMed owns a 50 per cent stake in the project, while Abu Dhabi’s Masdar and EP Global Energy each own 31 per cent and 19 per cent interests, respectively.
The project has been scheduled to become fully operational by 2015.
Tafila is expected to produce about 400 GWh of electricity and reduce the country's CO2 emissions by 235,000 tonnes each year.
The Jordanian government passed a law in 2010 that stipulates that the nation has to obtain seven per cent of its power needs from renewable energy resources by 2015. By 2020, the country has to obtain at least 10 per cent of its power from renewable energy.
JWPC chairman Samer Judeh said, “This project is a major step towards putting Jordan on the renewable energy world map.”