IFC agrees landmark $80m financing for wind farm in Jordan

The IFC has arranged an $80 million financing package to fund the construction of a new wind power plant in Jordan, near the town of Tafila.

The 51.75MW Abour Wind Farm in southern Jordan is being built by Abour Energy Company, which is a joint venture between Xenel International and AMEA Power. The financing package includes a $28 million loan for IFC's own account, as well as mobilized parallel loans from the Islamic Development Bank.

IFC structured the transaction as an ijara facility, its first Islamic financing in the renewable energy sector in the MENA region. IFC also provided the swaps for the financing package.