Dubai, United Arab Emirates, March 11,
2015—IFC, a member of the World Bank Group, has seen a ground-breaking
renewable energy deal in Jordan scoop a prestigious award.
Infrastructure Journal and Project Finance
Magazine awarded its IJ Global Middle East Renewable Deal as well as the
Middle East Overall Award of the Year to IFC for putting together a $207.5
million debt package to fund the construction of seven solar photovoltaic
plants in Jordan – the largest private sector-led solar initiative in
the Middle East and North Africa.
“This innovative project harnesses
Jordan’s solar power to meet growing demand for energy in a cost-effective
and eco-friendly way,” said Mouayed Makhlouf, IFC Director for the Middle
East and North Africa. “Supporting renewable energy and energy efficiency
projects is a key priority for us, and also demonstrates the power of the
private sector to make such projects a reality.”
Power demand in MENA is set to grow
at around 7 percent per year over the next 10 years, driven by population
growth and economic development. With the region receiving between 22 percent
and 26 percent of all solar energy striking the earth, in addition to its
wind and hydro potential, investing in renewable energy projects can help
address that challenge.
The photovoltaic program supports the
Jordanian government’s first phase of a planned total of 12 solar power
plants. The seven plants have a combined capacity of 102 megawatts and
will generate 212 gigawatt hours each year of non-polluting, sustainable
power. They will also cut carbon dioxide emissions by 123,000 tons annually.
The solar projects follow IFC’s $221
million financing for the landmark Tafila wind farm in Jordan in 2013,
another award-wining project.
Since 2005, IFC has invested globally
more than $11 billion in renewable energy generation and energy efficiency
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in about 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and boost shared prosperity. In FY14, we provided more than $22
billion in financing to improve lives in developing countries and tackle
the most urgent challenges of development. For more information, visit