The European Bank for Reconstruction and Development (EBRD) is providing a $70m loan to Green Watts Renewable Energy to help build the 86MW Al Rajef wind farm in southern Jordan, reported Renews.
The EBRD stated that the $185m project, located in the Maan governorate, will be the first wind farm developed under round one of Jordan’s renewable energy feed-in-tariff program. Additionally, the project will increase the country’s installed wind capacity by around 40%, according to The Financial. Furthermore, the EBRD’s loan will be accompanied by parallel funding of $50m from Proparco (Société de Promotion et de Participation pour la Coopération Economique S.A.) and $19.4m from DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH (German Investment and Development Corporation).
The EBRD has been supporting Jordan’s renewable energy programme since 2012. Accordingly, nine solar and one windfarm project have been built by the Jordanian private sector and are generating electricity, reducing the country’s energy imports and dependency on hydrocarbon. Up to date, EBRD has committed over $675m through 29 projects in various sectors of Jordan’s economy, including trade facilitation credit lines with local banks.