Masdar Clean Energy announced its first investment in renewable energy outside the United Arab Emirates (UAE). The energy company participated in the development of Jordan's first major wind farm, the Jordan Wind Project Company (JWPC). This was according to a report published by The National.
The JWPC announced a financing agreement to start building a 38-turbine, 117-megawatt facility in Tafila. The Jordan government gave its approval for the project last week. This is the country's first renewable energy transaction, the report said.
The wind farm is expected to expand the total power capacity of Jordan by 3%. The said project is scheduled to break ground at the end of 2014's first quarter. Power delivery is slated to commence in 2014, leading to a full commercial operation in 2015. The JWPC is the third wind project of Masdar, said the report.
The renewable energy project will cost approximately USD290 million. A consortium will provide 77% of the funding. This consortium is led by the International Finance Corporation of the World Bank. The rest of the funding will be contributed by the project's shareholders on a proportionate basis, The National reported.
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