The Arab Petroleum Investments Corporation (APICORP) has acquired a 20% stake in the developer of the 117-MW Tafila wind farm in Jordan, the development bank said on Wednesday.
APICORP’s new move marks its first equity investment in Jordan.
JWPC’s mandate is in line with Jordan’s ambitious target to have clean energy account for 20 percent of the country’s overall power generation by 2021, thereby developing new and sustainable energy sources as part of the country’s energy mix, APICORP said in a statement.
The $287 million 117-megawatt wind farm connected to the national grid accounts for 12 percent of Jordan’s total operating renewable energy generation, generating around 350GWh of clean energy annually which can power 83,000 homes.
The Tafila wind project is owned by JWPC, in which Abu Dhabi’s Masdar also holds a 50 percent stake.
In addition to Apicorp, Tamasuk Holding - the infrastructure and development arm of Saudi Arabia's Al Blagha Holding for Investments – has also acquired a 30 percent stake in JWPC.
"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,” said Apicorp chief executive Ahmed Ali Attiga.
Chairman of Tamasuk Holding Company Mr. Mohammed Al Balwi said: “The Jordan Wind Project Company is a strategic investment for Tamasuk Holding … With this investment, we have established a presence in the Kingdom of Jordan and look forward to growing our asset base in sustainable infrastructure investments such as Tafila Wind Farm.”
According to the Global Wind Energy Council’s (GWEC) Global Wind Report published in February 2020, Jordan’s 190 megawatts of wind power capacity trails only Egypt (262 megawatts) and Morocco (216 MW) in the MENA region.
The report said wind power will be a “key technology for producing sustainable, cost-effective energy that will enable access to modern electricity for all, creating skilled jobs and driving local economic growth.”