30 November 2020
Europe Arab Bank supports renewable energy in Jordan by financing the Shobak wind farm project
Europe Arab Bank (EAB), in partnership with the European Bank for Reconstruction and Development (EBRD), provided financial support for the construction of a wind farm in the Shobak region of Jordan.
The farm has recently become operational and has the capacity of generating 45 MW electricity, which is enough to power over 30,000 Jordanian households, helping the country to achieve its aim of supplying 20% of its energy demand from renewable resources by 2025.
The Project has been financed through a mixture of equity and debt, of which EAB has committed one third of the total debt.
By funding this wind farm, EAB is supporting Jordan’s development of clean and renewable energy sources. This project further reinforces EAB’s reputation as a financial bridge for the development of the MENA region.
Suzy Webb, Relationship Director Project Finance CIB, added: “We are delighted to have worked alongside the EBRD to provide finance to the Shobak wind project, which forms an important part of EAB’s strategy to finance renewable energy projects in Jordan and across the MENA region. Through the Shobak project we are supporting Jordan’s endeavours to utilise its own natural resources and meet its renewable energy targets”.
