Apicorp acquires stake in Jordan’s Tafila Wind IPP
Multilateral investment bank has acquired a 20 per cent stake in the 117MW Tafila Wind IPP, marking the bank’s first equity investment in Jordan
Saudi Arabia-based multilateral development bank Arab Petroleum Investments Corporation (Apicorp) has acquired a 20 per cent stake in Jordan’s Tafila independent power producer (IPP) wind project, marking Apicorp’s first equity investment in a wind energy project.
The stake in the wind project also represents Apicorp’s first equity investment in Jordan.
The $287m Tafila wind project was commissioned in December 2015. The project was Jordan’s first IPP renewable energy project and created a blueprint for the country’s net metering programe, whioch was facilitated by the implementation of the Renewable Energy and Energy Efficiency law in April 2012.
The Tafila Wind IPP is owned and operated by the Jordan Wind Project Company (JWPC), the special purpose vehicle established to develop the project. Abu Dhabi’s Masdar owns a 50 per cent stake, with Apicorp and Tamasuk Holding, the infrastructure and development arm of Al-Blagha Holding for Investments, partnered to acquire the remaining 50 per cent stake, holding 20 per cent and 30 per cent stakes respectively.
The 117MW Tafila Wind IPP accounts for 12 per cent of Jordan’s total operating renewable energy generation, which can provide power for up to 83,000 homes a year.
Jordan has set an ambitious target for renewable energy to account for 20 per cent of the country’s power production by 2021.
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