The Arab Petroleum Investments Corporation (APICORP), has announced its first direct equity investment in a wind energy venture, the Jordan Wind Project Company (JWPC), the developer of the Tafila Wind Project in the Hashemite Kingdom of Jordan
APICORP?s 20 per cent equity stake in the project also marks its first equity investment in the country.
JWPC?s mandate is in line with Jordan?s ambitious target to have clean energy account for 20 per cent of the country?s overall power generation by 2021, thereby developing new and sustainable energy sources as part of the country?s energy mix. The US$287mn 117MW wind farm connected to the national grid accounts for 12 per cent of Jordan?s total operating renewable energy generation, generating around 350GWh of clean energy annually which can power 83,000 homes.
Tafila Wind Farm is owned and operated by the Jordan Wind Project Company PSC (JWPC), in which Abu Dhabi?s renewable energy firm Masdar owns a 50 per cent stake. APICORP and Tamasuk Holding, the infrastructure and development arm of Al Blagha Holding for Investments Co., partnered to acquire the remaining 50 per cent stake, owning 20 per cent and 30 per cent beneficial stakes, respectively.
Officially inaugurated in December 2015, Tafila Wind Farm displaces nearly 235,000 tons of CO2 emissions per year. It also undertook a comprehensive Environmental and Social Impact Assessment (ESIA) during its development period to identify environmental and social impacts the project may have in the surrounding areas, and continues to implement a strict social and environmental regime in accordance with lenders? requirements, Jordanian environmental guidelines and international best practices.
Dr Ahmed Ali Attiga, CEO of APICORP, commented, ?This equity investment affirms APICORP?s position as a trusted partner to the region?s energy sector and underscores the strategic drive to enhance access to sustainable power, an area in which Jordan continues to be a regional leader. With the Arab world?s abundant wind resources, we see wind power as a viable component and key technology in the region?s future power generation mix, offering a sustainable, cost-effective energy source that will enable wider access to modern electricity to millions of people and spur employment and economic growth.?
