Tafila Wind Farm

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Project developers Masdar (31%), InfraMed (50%), and EP Global Energy (19%), were developing the 117MW Tafila wind farm, East of Ghurandil town, Jordan. The project consisted of 32 turbines of the type V112-3.0MW supplied by Vestas Wind Systems (Denmark). The project was expected to generate 400GWh annually. Masdar, from UAE, is owned by Mubadala, an investment vehicle of the Abu Dhabi government. The project held a 20 year power purchase agreement with National Electric Power Company (NEPCO). The project was developed under Build-Own-Operate contract (BOO). The project was developed under the Jordanian Renewable and Energy Efficiency Law (2010), aiming to achieve 7% renewable energy generation by 2015, increased to 10% by 2020. Vestas also held a 10 year service agreement. Financial closure was achieved 29 November 2013. Total project cost was US$290.05 million. Financing package consisted of $70 million in equity and $220.05 million debt. IFC was Lead Adviser. Financing split in four tranches and was provided by: 1) the European Investment Bank ($72.24 million), 2) the IFC ($ 75 million), 3) Netherlands development bank FMO ($28.72 million), 4) and OPEC Fund for International Development ($20 million). In addition to that, the International Finance Corporation will provide a syndication for $ 141 million. Other institutions reportedly involved were the Danish Export Credit Agency EKF, and the Capital Bank of Jordan. The EIB loan is portion is covered by the EU Guarantee for EIB loans outside of the EU. Legal advisors to the lenders were Chadbourne & Parke. Legal advisers to the sponsors were Nabarro. http://www.masdar.ae/en/media/detail/masdar-and-ifc-seek-to-join-forces-on-renewable-energy-investment