Shobak Wind Energy has inked facility agreements with Saudi Arabias Islamic Corporation for the Development of the Private Sector (ICD) for a $26-million funding to part finance a project to build a 45 MW wind farm in Jordan near the Shobak town municipality, 160 km south of capital Amman.
The European Bank for Reconstruction and Development (EBRD) and Europe Arab Bank (EAB) are providing the balance of the Shariah-compliant senior funding.
The project firms majority owner is Alcazar Energy Partners,which is developing the project jointly with Hecate Energy, a US-based developer.
Alcazar Energy Partners is a UAE-based independent developer active in the Middle East, Africa and Turkey.
The project, which will deploy 13 wind turbines that Vestas Wind Systems will supply, will be built over a 2-year period. It will cost a total of around $104 million.
Once the project starts operations, the energy produced will be bought by the Jordanian National Electricity Power Company (Nepco) under a long-term power purchase agreement.
The project will help Jordan expand its power production capacity from clean, indigenous and renewable sources and reducing reliance on costly hydrocarbon imports.
The European Bank for Reconstruction and Development (EBRD) and Europe Arab Bank (EAB) are providing the balance of the Shariah-compliant senior funding.
The project firms majority owner is Alcazar Energy Partners,which is developing the project jointly with Hecate Energy, a US-based developer.
Alcazar Energy Partners is a UAE-based independent developer active in the Middle East, Africa and Turkey.
The project, which will deploy 13 wind turbines that Vestas Wind Systems will supply, will be built over a 2-year period. It will cost a total of around $104 million.
Once the project starts operations, the energy produced will be bought by the Jordanian National Electricity Power Company (Nepco) under a long-term power purchase agreement.
The project will help Jordan expand its power production capacity from clean, indigenous and renewable sources and reducing reliance on costly hydrocarbon imports.