12 December 2017
Europe Arab Bank supports renewable energy in Jordan by funding Shobak Wind Farm
Europe Arab Bank (EAB), in partnership with the European Bank for Reconstruction and Development (EBRD), is providing financial support for the construction and operation of a 45 megawatt (MW) wind farm in the Shobak region of Jordan (160 km south of Amman), reinforcing its role as a financial bridge for the development of the MENA region.
The project is financed by a mixture of equity and debt, of which EAB has committed $26 million under the B loan programme, being a third of the total debt.
The loan will be provided to Shobak Wind Energy PSC, a company majority owned by Alcazar Energy Partners, a UAE-based independent developer active in the Middle East, Africa and Turkey. Alcazar Energy is developing the project in partnership with Hecate Energy LLC, a US-based developer.
By funding this wind farm EAB is also supporting Jordan’s development of clean and renewable energy sources.
Gavin Greenway,Relationship Director CIB, said: "Jordan is looking to find ways of meeting its rapidly growing demand for electricity whilst simultaneously reducing its carbon footprint. With limited potential for generation of electricity from hydro power, Jordan is concentrating on wind and solar energy, for which it has access to abundant resources. The Shobak project is the latest wind development EAB has chosen to support. Renewable energy projects are congruent with EAB`s environmental values to create a greener future for generations to come."