The Al-Rajef wind project in Jordan has reached a financial close on a $139m project finance deal, sources say.

Dubai-based Alcazar Energy’s 86MW project in Maan will cost $185m.

The lenders that approved loans in October are:

• European Bank of Reconstruction and Development – $70m
• Proparco (part of the French Development Agency) – $50m
• KfW DEG (Germany) – $19.4m

The project finance has a 75-25 debt-to-equity ratio and an 18-year tenor.

Alcazar Energy acquired the project, developed by local Green Watts, in mid-2016. Green Watts signed a 20-year power purchase agreement in 2015. It also agreed with Spanish firm Gamesa to provide 41 2MW turbines under a $160m contract.

Alcazar’s shareholders include the Washington-based International Finance Corporation (IFC), the IFC Catalyst Fund, Abu Dhabi’s Mubadala Infrastructure Partners, Alcazar Projects, which is registered in the Cayman Islands, Jordan’s Dash Ventures, and the US’ Gateway Partners.

Other wind developers are working on financing projects under first-round conditions in Jordan, with a tariff of 80 Jordanian fils ($0.11) a kilowatt hour.

The IFC is considering financing Korea Electric Power Corporation’s (Kepco’s) 89MW Fujeij wind scheme.