Apicorp invests in Jordan wind project

21 June 2020
Multilateral development agency makes initial foray into Jordan’s renewables sector

Arab Petroleum Investments Corporation (Apicorp) has acquired 20 per cent equity in Jordan Wind Project Company (JWPC), developer of the 117MW Tafila wind project in Jordan.

The other shareholders are Abu Dhabi-based Masdar (50 per cent) and Tamasuk Holding, a subsidiary of Saudi Arabia-based Al-Blagha Holding for Investments Company (30 per cent).

MEED understands it is the first investment in Jordan by the Saudi Arabia-based multilateral development banks.

Tafila wind farm

Completed in 2015, the $287m Tafila wind farm generates an average of 350GWh of clean energy annually.

The project reached financial close in 2013. The project financing was provided by a group of international commercial and development banks including the Washington-based IFC, the European Investment Bank, Denmark’s Eksport Kredit Fondon, the Opec Fund for International Development, Dutch bank FMO, Europe Arab Bank (a subsidiary of Jordan’s Arab Bank) and the Capital Bank of Jordan.

Project funding

JWPC originally comprised investment vehicle InfraMed, which holds a 50 per cent stake, Masdar (31 per cent), and EP Global Energy, a development firm owned by Cyprus’ Paraskevaides Group, (19 per cent).

In April, Apicorp announced a $500m countercyclical support package aimed at supporting member country clients in the energy sector amid the Covid-19 pandemic and oil price fluctuations. 

The firm said the package would be deployed to support “sustainable impact-driven projects by extending funding for projects and working capital within the areas of utilities, renewables, petrochemicals, among other energy sub-sectors”.

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