EBRD grants loan for construction of Al Rajef windpower plant

1 November 2016 (Last Updated November 1st, 2016 18:30)

Green Watts Renewable Energy has secured $70m in funding from the European Bank for Reconstruction and Development (EBRD).

Green Watts Renewable Energy has secured $70m in funding from the European Bank for Reconstruction and Development (EBRD).

The funding will be used to construct the 86MW Al Rajef windpower plant in the Ma'an Governorate of Southern Jordan. It is reported to be the first of its kind developed under round one of Jordan's renewable energy feed-in-tariff programme and will increase the country’s installed wind capacity by around 40%.

EBRD's director for power and energy Nandita Parshad said: “Jordan is facing a serious challenge to meet the growing demand for electricity in a sustainable and affordable manner. We are very proud to step up our commitment by financing this wind power plant and we look forward to getting even more deeply involved in Jordan’s energy sector in the near future.”

"Jordan is facing a serious challenge to meet the growing demand for electricity in a sustainable and affordable manner."

Besides the EBRD funding, the project has also obtained a loan of $50m from Proparco and $19.4m from DEG-Deutsche Investitions- und Entwicklungsgesellschaft. EBRD has been offering its support to Jordan’s renewable energy programme since 2012, by providing finance to 60MW solar photovoltaic power plants to date.

Alcazar Energy's CEO and co-founder Daniel Calderon said: “The successful implementation of Jordan’s renewable energy programme delivers tremendous benefits to the country’s macroeconomic, social, and environmental landscape.

“We appreciate the support of the Government of Jordan, our investors and lenders who have enabled us to play an active role in this programme.

“Our objective is to build a long-term sustainable portfolio of renewable energy projects in the country while bringing positive change to the communities in which we operate.”


Image: EBRD to provide funding for Jordan’s wind power plant. Photo: courtesy of EBRD.