IFC supports development of wind farm in Jordan

The International Finance Corporation (IFC) has set up a financing package to fund the construction of a wind farm in Jordan, it announced on Tuesday, reports CNBC.

The package, of up to $80 million, will support the 51.75-megawatt (MW) Arbour Wind Farm in the south of the country. The facility is being built by the Abour Energy Company, a joint venture between Xenel International and AMEA Power.

A development institution that focuses on the private sector in emerging markets, the IFC is a sister organisation of the World Bank and a member of the World Bank Group.

To date, it has invested over $300 million in Jordan to support clean energy. The financing package for the Arbour facility is made up of a $28 million loan for the IFC's own account and mobilised parallel loans from the Islamic Development Bank.