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IFC Renewable Energy Project Triumphs at Deal of the Year Awards


In Cairo:
Riham Mustafa

Phone: +20 2 2461 4230

E-mail: RMustafa@ifc.org


Cairo, Egypt, April 16, 2014—IFC, a member of the World Bank Group, has seen one of its renewable energy projects in Jordan recognized by a prestigious magazine.
 
Project Finance Magazine awarded the Renewables Deal of the Year award to IFC's landmark renewable energy investment in the Tafila Wind Farm in Jordan. Part of the magazine’s Deal of the Year Awards, the prize demonstrates IFC’s increased focus on combatting climate change and supporting renewable energy projects across the Middle East and North Africa.


“Supporting renewable energy and energy efficiency projects is a key priority of IFC, especially in a region that is blessed with all the natural resources necessary for a vibrant renewable energy sector,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “We believe that more renewable energy projects can foster economic growth while also addressing climate change.”


Power demand in the region is set to grow at around 7 percent per year over the next 10 years, driven primarily by population growth and economic development.  Investing in renewable energy projects can help address that challenge, since the region receives between 22 percent and 26 percent of all solar energy striking the earth, in addition to wind and hydro potential.


In November 2013, IFC finalized a $221 million financing package to support the development of Tafila, a pioneering wind farm in Jordan.  The 117-megawatt plant will be the country’s first privately-owned renewable energy facility. It will help boost power supplies in Jordan, where demand for electricity is increasing at about 8 percent annually.


Since 2005, IFC has invested more than $11 billion in renewable energy generation and energy efficiency projects. Last fiscal year, two thirds of IFC’s power generation investments were in renewable energy.

About IFC

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 more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
 
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