Africa Business News: Entrepreneurs. Investments. Banking & Finance. Emerging Markets. Start-Ups
Sunday, 6 October 2013
World Bank’s IFC to Close Funding for Jordan Wind Plant in Weeks
International Finance Corp., the World Bank’s investment arm, expects to complete financing for a $300 million wind-power plant in Jordan in the coming weeks, allowing construction to start before the end of the year.
IFC will contribute about $70 million to the 115-megawatt project, Adil Marghub, the lender’s head of infrastructure and energy for Middle East and North Africa, said today. It also has helped raise a further $150 million through other institutions.
Jordan plans to boost renewables capacity to meet electricity demand and curb imports of fossil fuels. The World Bank has stepped up its funding of clean-energy projects while scaling back support for coal-fired power to help nations mitigate the effects of climate change.
Partners in the Jordanian wind venture, known as Tafila, include investment vehicle InfraMed and Abu Dhabi’s Masdar. IFC also expects to fund a photovoltaic project in the country next year and may finance as many as five of the 12 mini-solar plants slated for development there, according to Marghub.
IFC plans to invest as much as $300 million in renewables in the Middle East and North Africa this year and at least $200 million next year, including funding for a concentrated-solar plant in Morocco, Marghub told reporters in Dubai.