Wind for Prosperity MoU in Jordan -Recharge News
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Vestas and EP Global Energy join forces to provide wind energy solutions in Jordan and other Middle Eastern countries
As part of the Wind for Prosperity program, Vestas and EP Global Energy signed a Memorandum of Understanding today on bringing wind energy solutions to remote communities in the Middle East.
With today’s agreement, Jordan is set to become the first country in the Middle East and the second country globally to host a Wind for Prosperity project. Facing severe energy challenges owing to rising local consumption and limited domestic fossil fuel resources, Jordan and its energy consumers will benefit from increasing the supply of reliable, affordable, and locally produced electricity.
Under the MOU, Vestas and EP Global Energy will collaborate to deploy wind energy solutions to help improve access to electricity for communities that currently have no or only limited energy infrastructure. The first project under the MOU is expected to be commissioned in Jordan before the end of 2014 and will utilize the Wind for Prosperity hybrid solution to bring electricity to more than 100.000 people.
According to Efthyvoulos Paraskevaides, chairman of EP Global Energy, "The Wind for Prosperity initiative is a cost-effective and robust way to provide electricity from non-polluting renewable sources to those communities that need it most. We look forward to working with Vestas to bring this project to fruition.”
Morten Albæk, Vestas Group Senior Vice President & CMO, concludes, “This agreement is an important milestone – for Wind for Prosperity, the Middle East region, and especially for Jordan. Our partnership with EP Global Energy is gratifying example of complementary strengths advancing shared goals. Partnering with EP Global Energy will allow Wind for Prosperity to scale up and travel to new countries to the benefit of those living in energy poverty.”
The Memorandum of Understanding signed today further solidifies the collaboration between Vestas and EP Global Energy, building on the 117 MW Al Tafila project in Jordan, announced in December 2013.
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About EP Global Energy
EPGE is a privately held energy asset developer. Its mission is to develop, build, and operate a portfolio of power generation assets, comprising mainly a mix of renewable (Wind, Solar, Biomass) and base-load (gas, liquid fuels), in partnership with strategic investors. EPGE has a portfolio of projects at various phases of development in EMENA region. Please visit www.epge.com for more information.
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 51,000 wind turbines currently reduces carbon emissions by over 60 million tons of CO2 every year, while at the same time building energy security and independence.
Vestas has delivered wind energy in 73 countries, providing jobs for around 16,000 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 62 per cent more megawatts installed than our closest competitor and more than 60 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.
We encourage you to visit our website at www.vestas.com and follow us on social media:
About Wind for Prosperity
Wind for Prosperity, which carries endorsements from the UN and several global opinion leaders, is a new business innovation to address energy poverty with wind power technology and a unique, commercial response to the needs of humanity. As one of the biggest corporate initiatives to combat energy poverty and deploy green technology in developing countries, Wind for Prosperity is business as a force for good. Wind for Prosperity is proud to be supported by the following partners, without whom the ambitious vision of reaching more than 50 million people in energy poverty would not be possible: Masdar, the Carbon War Room, Econet Wireless, and Frontier Investment Management.
For more information, please visit http://www.windforprosperity.com/ and join us on social media for more information:
Financial Close Reached to Build the First Utility-Scale Wind Farm in Jordan
Financial Close Reached to Build the First Utility-Scale Wind Farm in Jordan
The 117 MW wind farm is being developed by Jordan Wind Project Company, an investment by InfraMed, Masdar and EP Global Energy Ltd
Amman, Jordan-27 November, 2014 Jordan Wind Project Company (JWPC) today signed the financing agreement to begin construction ofthe Middle East's first utility-scale wind-power project. Located in the Hashemite Kingdom of Jordan,the 117MW Tafila Wind Farm will increase the country's total power capacity by 3%. The project will cost an estimated US$290 million.
JWPC is a co-development between InfraMed (50%), Masdar (31%) and EP Global Energy (19%).
JWPC's 117MW Tafila Wind Farm is the first utility-scale renewable-energy project in the Hashemite Kingdom of Jordan and the region and is a major step toward getting Jordan on the renewable energy map of the world," said Samer Judeh, chairman of JWPC. "His Majesty King Abdullah's Vision and the Jordanian Government's strategy,aims to encourage investors and financiers to make these vital projects possible."
JWPC's highly reputable group of investors is a testament to the quality of the JWPC development and the promising investment climate in renewable energy projects in Jordan. Our country has suffered from a lack of domestic conventional energy sources and from serious challenges in security of energy imports. Jordan, however, has abundant renewable resources, and this will be the first and a showcase for many such projects to come," added Mr. Judeh.
Tafila will produce approximately 400 GWh of electricity annually and displace 235,000 tons of CO2 emissions per year.
InfraMed CEO, Frederic Ottavy, said "The Tafila project is responding to Jordan's pressing energy needs while adapting to the country's unique fossil fuel resource situation, water scarcity and wind abundance. InfraMed and other leading international players' involvement demonstrates the project's economic viability and sets a benchmark for the future implementation of projects under the country's clean energy law.
This investment is firmly consistent with InfraMed's long term commitment to renewable energy in the region."
With Jordan's electricity demand expected to grow by an estimated 5% annually until 2020, the country is rapidly developing new sources of energy generation to avoid future shortfalls.
"Jordan is one of the Middle East's most promising clean energy markets and this project is another milestone in the region's energy evolution,"said H.E Dr. Sultan Al Jaber, CEO of Masdar, Abu Dhabi's renewable energy company."Jordan is a prime example of where the cost of renewable energy is lower than conventional sources of power generation. This project is a natural step toward Jordan's energy and economic security. Today, countries in the region are increasingly integrating wind and solar poweras commercially viable solutions to address long-term energy security. Just like the rest of the world, the Middle East is faced with meeting rising energy demand, while also reducing its carbon footprint."
JWPC will start power delivery in 2014, building up to full commercial operations in 2015.
"We started this development in 2009 and it was a pleasure to enter into a co-development partnership with InfraMed and Masdar as well as our eminent financiers,"said Mr. Efthyvoulos Paraskevaides, founding chairman and CEO of EP Global Energy. "This project is a testament to EPGE's strategy in the EMENA region, to develop utility scale renewable energy projects cost effectively and for long term sustainable growth. Taking such a project from the drawing board all the way through development, financing, construction, and commercial operation, requires a dedicated group of like-minded investors committed to supplying the world with sustainable, renewable energy cost effectively."
Tafila is the first wind-power project to be developed under Jordan's Renewable and Energy Efficiency Law passed in 2010. The law calls for the country to obtain 7 percent of its electricity from renewable energy sources by 2015, rising to 10 percent by 2020. When the Tafilaproject is fully developed, it will account for almost 10 percent of Jordan's 2020 renewable energy target.
To reach its target, Jordan enacted a feed-in tariff for renewable energy added to the power grid. Often viewed as the fastest way to scale-up renewable energy deployment, the country's feed-in tariff is the first of its kind in the Middle East.
Project financing was provided by a group of international financial institutions and banks including the International Finance Corporation, the European Investment Bank, Eksport Kredit Fonden, OPEC Fund for International Development, FMO, Europe Arab Bank and the Capital Bank of Jordan.
JWPC was advised by Nabarro LLP (UK), Hadidi & Co (Jordan), Cube Engineering GmBH (Germany), MCM Law (Cyprus), and PWC.
InfraMed is a long-term infrastructure investment fund focussed on the Southern and Eastern Mediterranean region. Five institutional investors contributed 385m euro to establish InfraMed: Caisse des Depots et Consignations (CDC), Cassa Depositi e Prestiti (Cdp), the European Investment Bank (EIB), Caisse de Depots et de Gestion (CDG) in Morocco, and EFG Hermes in Egypt.
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Masdar is Abu Dhabi's renewable energy company advancing the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today's fossil fuel economy and the energy economy of the future. Wholly ownedby the Mubadala Development Company PJSC, the strategic investment company of the Government of Abu Dhabi, Masdar is dedicated to the Emirate's long-term vision for the future of energy.
For more information about Masdar, please visit: www.masdar.ae
About EP Global Energy Ltd (EPGE)
EP Global Energy Ltd (EPGE) is a privately owned Development Company specializing in renewable energy projects. EPGE is a member of the Paraskevaides Group of Companies based in Cyprus.
For more information please visit www.epge.com
EP Global Energy
Wind Electricity To Be Fully Competitive With Natural Gas by 2016, Says Bloomberg New Energy Finance
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EIB announces financing for the JWPC Wind farm in Jordan
EIB Press release:
IFC announces Financial Close of the 117 MW Tafila Wind Farm in Jordan - November 27, 2013
IFC Press release:
Jordan unveils first private sector wind solar projects
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IFC disclosure of the Tafila Project commenced on 18th January 2013
IFC Press release:
EPGE signs Financing Mandate with EIB
EPGE and its Jordan Project company JWPC, singed a Mandate with the European Investment Bank for the financing of its proposed 117 MW Tafila wind farm in Jordan. EIB will be participating as part of the lenders syndicate led by the IFC.
The link to the EIB Project site follows:
EPGE reaches financial close on 80 MW wind farm in Romania - November 09, 2012
EP Global Energy (EPGE) has reached financial closure on its 80 MW wind farm in Romania. Bank financing was raised from the EBRD, alongside a syndicate of banks comprising of Erste Group Bank, ING Bank and UniCredit Bank Austria.
The wind farm is located between the municipalities of Chirnogeni and Independenta, in the county of Constanta in Southeast Romania, an area known for good wind conditions. The wind farm is expected to start commercial operations in early 2014.
Alongside the bank financing, EPGE simultaneously sold 50% of the wind farm to Marguerite Fund, an equity fund backed by six European financial institutions, and a further 30% to EnerCap Power Fund, a Prague-based private equity fund.
"EPGE is extremely proud to have reached closure on such an important flagship project after years of hard work and sustained effort. I would like to thank our partners and the EBRD's unwavering support throughout the financing process in challenging circumstances. The Paraskevaides Group has a 70-year track record of delivering high-profile projects and this is another example" said Efthyvoulos Paraskevaides, CEO of EPGE.
EPGE started developing the wind farm in 2007 with its local partner Stelios Pierides who managed in country operations and permitting matters. A Cyprus based team comprising of Chris Demetriades, Costas Pandehis, Aggis Ioannides and Anjam Mughal managed deal structuring, key vendor contracts and the raising of debt and equity financing. All were aided by an excellent back office and support team.
"I would like to express my thanks to all consultants, associates and others too numerous to mention for their support but special praise should be reserved for my excellent team in making this happen" said Efthyvoulos Paraskevaides, CEO of EPGE.
About the Marguerite Fund
The 2020 European Fund for Energy, Climate Change and Infrastructure ("the Marguerite Fund") was established with the backing of six of Europe's leading public financial institutions (Caisse des Depots et consignations, Cassa Depositi e Prestiti, European Investment Bank, Instituto de Credito Oficial, KfW, PKO Bank Polski) to make capital-intensive infrastructure investments. The Fund is advised by Marguerite Adviser S.A., an independent advisory company.
Marguerite Fund Website Click Here
About EnerCap Capital Partners
EnerCap Capital Partners ("EnerCap") specialises in private equity investments in renewable energy projects across Central, Eastern and South-Eastern Europe. EnerCap was founded in 2007 with the closing of EnerCap Power Fund I, a EUR 98 million renewable energy 10 year growth/capital gains fund, which is now fully committed. EnerCap has offices in Prague and Warsaw and manages an extensive portfolio of investments comprising over 350MW in wind and solar across the region. Enercap has built a select team of investment, project finance, M&A and energy specialists providing turn-key investment management for the full life cycle of energy investments.
EnerCap Capital Partners Website Click Here
For further information, please contact:
EP Global Energy Ltd.,
7, Dositheou Street,
Parabuilding, Block C, 4th Floor,
Tel : + 357 99335505
Fax : + 357 22 376245
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InfraMed invests in EPGE's Jordan Wind Farm - September 10, 2012
InfraMed and EPGE have established a joint-venture special purpose vehicle (SPV) to develop and deliver the Jordanian wind project, the first and largest privately financed wind farm in the country.
Please read the full press release here.
EPGE announces results of Prequalification bids for Tafila Wind Farm - May 24, 2012
Pursuant to the Invitation for Prequalification posted 20/4/2012 in the Official Journal of the EU (2012/S 77-125767), and the ensuing prequalification applications received, Jordan Wind Renewable Energy, LLC is pleased to announce that the following Applicants have successfully pre-qualified:
Acciona Energia S.A.
Gamesa Eolica S.A.
General Electric Corporation
Xinjiang Goldwind Science & Technology Co. Ltd.
Siemens Wind Power A/S
Vestas Italia SRL
Moving forward, a consortium of independent advisors to JWRE, as given below, will advise on the tendering process:
Cube Engineering [Germany]
Mott MacDonald Ltd [UK]
Nabarro LLP [UK]
Construction Authorization received for Chirnogeni Wind Farm Upgrade Works - May 22, 2012
EPGE has received the Construction Authorization required for the upgrade of the Chirnogeni-Cobadin-Basarabi High Voltage Line.
Tafila Wind Farm International Invitation for Prequalification - April 20, 2012
The prequalification process leading to International Tender for Wind Turbine Supply, Wind Turbine Maintenance / Service, and EPC Construction Works has commenced. The complete formal announcement is available on the Official Journal of the European Union website, here.
Construction Permit obtained for Chirnogeni Wind Farm – February 17, 2012
SC EP WIND PROJECT (ROM) SIX SRL, a subsidiary of EPGE in Romania, has obtained the Construction Permit (Autorizatie de Construire) No.5, dated 17th February 2012. This Permit is for the 80MW Chirnogeni Wind Farm project that is under development in Constanta County.
IFC mandated on EPGE's Jordan wind farm development - February, 2012
IFC has indicated interest in financing of the Tafila wind farm through a combination of debt and equity. A mandateletter to this effect has been signed with IFC dated January 10, 2012. Of the total project cost estimated at EUR170 million, IFC's investment is expected to consist of a combination of A loan and equity up to EUR40 million to the Company for IFC's own account and up to EUR 81 millionin syndicated or parallel loans.
Public Consultation commences for Tafila Wind Farm - December, 2011
Jordan Wind Power Consortium (JWPC) commences the Public Consultation Process for the Tafila Wind Farm.
For more information visit www.jordanwind.com
Public Disclosure for Chirnogeni Wind Farm – October 27, 2011
The Public Disclosure documents for Chirnogeni Wind Farm are now available for comment. The following documents are available in English and Romanian: Non-Technical Summary; Stakeholder Engagement Plan; Environmental and Social Action Plan; Environmental and Social Impact Assessment for Chirnogeni Wind Farm; Environmental and Social Impact Assessment for the Chirnogeni-Cobadin-Basarabi High Voltage Line.
For further information on Chirnogeni Wind Farm, please visit the project website here.
Please click here to download the Public Disclosure documents directly.
Chirnogeni Wind Farm expecting financing by EBRD - October, 2011
Chirnogeni Wind Farm has reached the final development stage and is awaiting final board approval from the European Bank for Reconstruction and Development.
For further details visit http://www.ebrd.com/pages/project/psd/2011/41993.shtml
PPCR signs Shareholders' Agreement with EPGE - November 2, 2010
PPC S.A. announces that its 100% subsidiary PPC Renewables S.A. and EP GLOBAL ENERGY LTD (EPGE), signed a Shareholders' Agreement for the establishment of a Joint Venture Holding Company which will be active in the development of projects related to:
- the acquisition of RES UNITS,
- the development, including finance, of RES UNITS and
- power generation, by operation and maintenance of RES UNITS
in the Balkans and Middle East regions.
The initial share capital of the company will be € 60,000 and the percentage interest of PPC Renewables and EPGE will be 49% and 51%, respectively.