Amman, Jordan, September, 2018— AMEA Power, a fast-growing developer, operator and owner of power assets, is co-developing a 51.75- megawatt Wind plant in Jordan, near the town of Talifah, alongside Xenel International.
A pioneering financing package of up to $80 million to fund the construction of the wind power plant, known as Abour Energy Co. is arranged by IFC, a member of the World Bank Group. It includes a $28 million loan for IFC’s own account, as well as mobilized parallel loans from the Islamic Development Bank. IFC structured the transaction as an Islamic Finance Ijara transaction, its first in the renewable energy sector in the Middle East and North Africa. Furthermore, IFC also provided the swaps for the whole financing package.
“Jordan relies on imports for approximately 96% of its energy needs therefore, there is a great incentive to develop a renewable energy industry in the country. AMEA Power is proud to be supporting Jordan in its drive to boost the renewable energy development, in order to reduce its reliance on imported fuel and to meet the growing demand for energy.” said Venu Nambiar, CEO of AMEA Power.
“As energy demand in Jordan continues to rise, there is an urgent need to ensure new sources of power. After developing 373 megawatt of conventional power in the country, Xenel continues to demonstrate its commitment to Jordan by developing, along with its partner AMEA Power, the Abour Wind Farm which will add to the country’s renewable capacity, enhance energy security, and help make electricity cheaper for consumers,” said Mr. Emran Mohammed Alireza of Xenel International.
“Jordan’s energy sector has been on a steady path of reform. Supporting renewable energy projects and opening the sector to private investments is a pillar of our work in Jordan and the region,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “We are committed to continue supporting the sector, replicating the scale achieved in solar and mobilizing new sources of private sector capital.”
About AMEA Power
Headquartered in Dubai, AMEA Power is a fast-growing developer, owner, and operator of power assets in Africa, the Middle East and Asia. The company has built a strong pipeline of projects which has the potential to add up to 7,000 MW of capacity to its portfolio. AMEA Power is led by a senior management team with extensive global experience and a successful track record in the power sector.
For more information, visit www.ameapower.com
Tel: +971 4 31 0750