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- Dr. Ahmed Ali Attiga, CEO, APICORP
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- Mohammed Al Balwi, Chairman of Tamasuk Holding Company
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Arab Petroleum Investments Corporation (APICORP) bolsters Jordan’s Energy Sustainability and wider access to Electric Power with Equity Stake in Tafila Wind Farm
Investment marks APICORP’s first investment in Jordan and first direct equity investment in a wind energy project
We are proud to partner in the Jordan Wind Project Company, one of the MENA region’s pioneering energy companies
Investment is in line with APICORP’s (www.APICORP.org) strategic drive to support energy diversification and access to sustainable power in MENA region; Investment marks APICORP’s first investment in Jordan and first direct equity investment in a wind energy project; APICORP’s acquisition of 20% equity stake in Jordan Wind Project Company supports Jordan’s demand for sustainable power and strong wind potential.
The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank, today 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% 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% 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 USD287 million 117-megawatt wind farm connected to the national grid accounts for 12% 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% stake. APICORP and Tamasuk Holding, the infrastructure and development arm of Al Blagha Holding for Investments Co., partnered to acquire the remaining 50% stake, owning 20% and 30% 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, Chief Executive Officer of APICORP commented: “We are proud to partner in the Jordan Wind Project Company, one of the MENA region’s pioneering energy companies. 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.”
Mr. Mohammed Al Balwi, Chairman of Tamasuk Holding Company added: “The Jordan Wind Project Company is a strategic investment evidences Tamasuk Holding’s commitment to sustainable infrastructure and we are immensely proud of our partnership with leading institutions like Masdar and APICORP. 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. Notably, 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.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar is pleased to welcome APICORP and Tamasuk Holding as partners in the Jordan Wind Project Company and the Tafila Wind Farm, the first utility-scale commercial wind project in the Middle East. The involvement of these prestigious entities signals the confidence of the regional investment community in the potential of renewable energy to become a large-scale and reliable provider of the Middle East & North Africa’s power needs. It further illustrates the success of the Hashemite Kingdom of Jordan in diversifying its energy mix, using both wind and solar power.”
Mr. Samer Judeh, Chairman of Jordan Wind Project Company, commented: “The Tafila Wind Farm is playing a leading role in responding to the growing energy demand in Jordan effectively utilizing the wind potential in the country. The involvement of APICORP and other leading industry players like Masdar and Tamasuk Holding demonstrates the economic viability of this project and validates our vision of generating clean and sustainable energy in Jordan. The investment by APICORP will encourage further investment in renewable energy generation and contribute to the country’s mission of diversifying its domestic energy supply.”
According to APICORP’s recently issued MENA Energy Investment Outlook 2020-2024 report, the MENA region will need to invest USD144 billion in the power sector to meet energy needs. The GWEC report forecasts that 10.7 gigawatts of wind energy capacity will be installed in the MENA region during the same period, a 167% increase from the current 6 gigawatts currently installed.
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Distributed by APO Group on behalf of Arab Petroleum Investments Corporation (APICORP).
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The Arab Petroleum Investments Corporation (APICORP) (www.APICORP.org) is a multilateral development financial institution established in 1975 by an international treaty between the ten Arab oil exporting countries. It aims to support and foster the development of the Arab world’s energy sector and petroleum industries. APICORP makes equity investments and provides project finance, trade finance, advisory and research. APICORP is rated “Aa2” with stable outlook by Moody’s and its headquarters is in Dammam, Kingdom of Saudi Arabia. More information can be found at: www.APICORP.org
About Tamasuk Holding Co:
Tamasuk Holding Co. (https://Tamasuk.com.sa) is a diversified infrastructure development and investment company wholly owned by Al Blagha Holding for Investments Co (ABGI), a marine and industrial conglomerate with over 30 years of history operating in the Kingdom of Saudi Arabia. Tamasuk is headquartered in Riyadh with an operating presence in the UAE and Jordan, and is committed to invest in sustainable infrastructure in its target geographies.
Abu Dhabi’s renewable energy company Masdar (www.Masdar.ae) is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations. Today, Masdar is active in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India, Indonesia, Uzbekistan, and many more. For more information please visit: www.Masdar.ae and connect: facebook.com/masdar.ae and twitter.com/Masdar
About Tafila Wind Farm:
The Tafila Wind Farm is the first commercial utility-scale wind power project in the Middle East, and largest privately financed wind farm in the Hashemite Kingdom of Jordan, The USD 287 million project with a capacity of 117-MegaWatt became operational on 16 September 2015. It was officially inaugurated in December of the same year by His Majesty King Abdullah II Ibn Al-Hussein of Jordan.
The Tafila wind farm was developed by Jordan Wind Project Company (JWPC). The finance package was provided by six international financial institutions: International Finance Corporation (IFC), European Investment Bank (EIB), Eksport Kredit Fonden (EKF), Entrepreneurial Development Bank (FMO), OPEC Fund for International Development (OFID) and Europe Arab Bank (EAB).