Apicorp acquires 20% equity stake in Jordan wind project developer

Apicorp acquires 20% equity stake in Jordan wind project developer
Apicorp acquires 20% equity stake in Jordan wind project developer

Thank you for your reading and interest in the news Apicorp acquires 20% equity stake in Jordan wind project developer and now with details

Hind Al Soulia - Riyadh - Arab Petroleum Investments Corporation, a multilateral lender, acquired a 20 per equity stake in the Jordan Wind Project Company, which operates the Tafila wind project in Jordan.

The 117 Megawatt wind scheme accounts for 12 per cent of renewable energy generation in Jordan and is owned by JWPC, in which Abu Dhabi’s Masdar also holds a 50 per cent stake.

In addition to Apicorp, Tamasuk Holding - the infrastructure and development arm of Saudi Arabia's Al Blagha Holding for Investments -also acquired 30 per cent in JWPC.

Masdar chief executive Mohamed Jameel Al Ramahi said the involvement of three entities in the Tafila wind farm illustrated the success of Jordan "in diversifying its energy mix, using both wind and solar power".

Jordan, which imports over 94 per cent of its energy needs is looking to diversify its grid by incorporating renewable energy sources such as solar and wind into its mix. Around 285MW of wind and 771MW of wind and solar power capacity were integrated into its grid in 2018.

The kingdom aims to increase its renewable energy capacity to 2.7 gigawatts by 2021.

The $287 million Tafila wind farm generates 350 Gigawatt hours of clean energy annually, which is sufficient to power 83,000 homes.

"With the Arab world’s abundant wind resources, we see wind power as a viable component and key technology in the region’s future power generation mix, offering a sustainable, cost-effective energy source that will enable wider access to modern electricity to millions of people and spur employment and economic growth,” said Apicorp chief executive Ahmed Ali Attiga.

Jordan is also looking to start its much-delayed oil shale programme to achieve energy independence. Oil shale, not to be confused with shale oil from the US, is formed of organic fine-grained sedimentary rock, from which oil can be extracted through heating.

Jordan is looking to start oil production from these deposits as soon as 2022, its energy and mineral resources minister told The National last year.

The country also has plans to build a nuclear reactor to further diversify its energy mix.

Updated: June 17, 2020 07:29 PM

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