A utility-scale wind farm in Jordan, the first of its kind in the MENA region, has received a contribution of $40 million (LE275 million) from InfraMed Fund. The investment fund, which is partially sponsored and advised by Egypt's biggest Investment Bank EFG Hermes, announced the contribution on Monday.
The Tafila wind farm project is expected to cost $290 million (LE2 billion) and produce 117 Mega Watt (MW) to increase Jordan's electricity production (400 Gega Watt -GW) by three percent.
InfraMed's contribution will raise its stake in Jordan's Wind Project Company, contracted to build the farm, to 50 percent.
“Renewable and alternative energy projects are a critical part of the Arab world’s future energy security,” said Karim Moussa, co-head of private equity at EFG Hermes and member of InfraMed’s Investment Committee.
EFG Hermes is one of five global and regional founders of InfraMed, contributing $521.4 million (LE3.6 billion) to the establishment of the fund. The other founders are Caisse des Dépôts et Consignations, Cassa Depositi e Prestiti, the European Investment Bank, and Caisse de Dépôt et de Gestion.
In November, EFG-Hermes reported that its consolidated net profit for the third quarter this year rose 38 percent year-on-year.