The plant at Fujeij will utilize 27 Vestas V126 3.3 MW turbines and it is planned to be operational in October 2018. The facility’s entire output will be sold to Jordan electricity company NEPCO under a 20-year power purchase agreement.
Lending for the project has come from the Export Import Bank of Korea (K-EXIM), Mizuho Bank and Sumitomo Mitsui Banking Corporation Europ.
The funding comprises a K-EXIM direct loan of $64m, with a $52m K-EXIM-covered facility being provided by Mizuho and SMBC. There are also equity bridge facilities totalling $81m being funded by the commercial banks. Arab Bank is acting as onshore account bank and onshore security agent.
The legal work for the project was handled by London law firm Ashurst. Head of utilities David Wadham said: “We are seeing significant activity in the Jordan renewables sector and it is particularly pleasing to have been involved in a wind project in this region.”