JEDDAH — The Islamic Corporation for the Development of the Private Sector (ICD) and Shobak Wind Energy PSC (project company) have signed facility agreements for a $26 million Shariah-compliant senior financing to part fund the construction of a 45 MW wind farm in Jordan near the Shobak town municipality, 160 km south of Amman. The balance of the senior financing is being provided by the European Bank for Reconstruction and Development (EBRD) and Europe Arab Bank (EAB).

The project company is 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.

The project, which will deploy 13 wind turbines supplied by Vestas Wind Systems, will be constructed over a 2-year period and have a total cost of approximately $104 million. Once the project is operational, the generated power will be sold to the Jordanian National Electricity Power Company (NEPCO) under a long-term power purchase agreement.