Amman, Jordan, November 27, 2013—IFC, a member of the World Bank Group, has finalized a $221 million debt package to support the development of a pioneering wind farm in Jordan, part of an effort boost the country’s supply of renewable energy and encourage economic development.
The support from IFC will help the Jordan Wind Project Company build a 117-megawatt plant in the southern governorate of Tafila. IFC, the lead arranger on the project, provided $69 million in loans and helped directly mobilize another $79 million from other lenders. The wind farm will be the country’s first privately-owned renewable energy facility. It will help boost power supplies in Jordan, where demand for electricity is increasing at about 8 percent annually. It is also expected to help curb greenhouse gas emissions, lessen Jordan’s reliance on imported fossil fuels, and set a precedent for future investments in renewable energy.