APICORP announced its first direct equity investment in a wind energy venture, the Tafila wind project in Jordan.
The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank, announced its first direct equity investment in a wind energy venture, the Tafila wind project in Jordan.
APICORP will take a 20 per cent equity stake in the project also marks its first equity investment in the country.The Jordan Wind Project Company (JWPC) is the developer of the project.
Dr. Ahmed Ali Attiga, Chief Executive Officer of APICORP commented: “This equity investment affirms APICORP’s position as a trusted partner to the region’s energy sector and underscores the strategic drive to enhance access to sustainable power, an area in which Jordan continues to be a regional leader. With the Arab world’s abundant wind resources, we see wind power as a viable component and key technology in the region’s future power generation mix, offering a sustainable, cost-effective energy source that will enable wider access to modern electricity to millions of people and spur employment and economic growth.”
JWPC’s mandate is in line with Jordan’s ambitious target to have clean energy account for 20 per cent of the country’s overall power generation by 2021, thereby developing new and sustainable energy sources as part of the country’s energy mix. The US$287 million 117-megawatt wind farm connected to the national grid accounts for 12 per cent of Jordan’s total operating renewable energy generation, generating around 350GWh of clean energy annually which can power 83,000 homes.
Samer Judeh, Chairman of Jordan Wind Project Company, commented: “The Tafila Wind Farm is playing a leading role in responding to the growing energy demand in Jordan effectively utilizing the wind potential in the country. The involvement of APICORP and other leading industry players like Masdar and Tamasuk Holding demonstrates the economic viability of this project and validates our vision of generating clean and sustainable energy in Jordan."
Tafila Wind Farm is owned and operated by the JJWPC, in which Abu Dhabi’s renewable energy firm Masdar owns a 50 per cent stake. APICORP and Tamasuk Holding, the infrastructure and development arm of Al Blagha Holding for Investments Co., partnered to acquire the remaining 50 per cent stake, owning 20 per cent and 30 per cent beneficial stakes, respectively.
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, said: “Masdar is pleased to welcome APICORP and Tamasuk Holding as partners in the Jordan Wind Project Company and the Tafila Wind Farm, the first utility-scale commercial wind project in the Middle East. The involvement of these prestigious entities signals the confidence of the regional investment community in the potential of renewable energy to become a large-scale and reliable provider of the Middle East & North Africa’s power needs. It further illustrates the success of the Hashemite Kingdom of Jordan in diversifying its energy mix, using both wind and solar power.”
Source: Pipeline ME
