Press Release
InfraMed and EPGE to develop a Jordanian wind project jointly
10 September 2012 – InfraMed and EPGE support Jordan’s renewable energy sector through an investment in a 114MW wind farm project.
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. InfraMed has taken a 49% equity stake in the SPV through its wholly owned subsidiary InfraTaf Holding SàRL. The balance is held by EP Global Energy (Jordan) Holdings Ltd (EPGEJH), a subsidiary of EPGE, an experienced Cyprus-based developer of renewable energy projects in emerging markets.
The project targets a total installed capacity of 114 MW and is the first tangible result of Jordan’s Renewable and Energy Efficiency Law passed in 2010 which aims to boost Jordan’s renewable energy production and decrease the country’s reliance on imported fuels. In this context, the Government of Jordan issued 34 Memorandums Of Understanding for the development of wind and solar projects in the next 24-months. Given the country’s attractive landscape for generating significant air pressure flows, Jordan’s wind potential has been ranked as one of the most attractive in the MENA region.
InfraMed CEO Frederic Ottavy stated, “InfraMed is pleased to be working jointly with EPGE and this investment demonstrates a continued expansion of our reach within the MENA region and across diverse sectors. Adding Jordan to the list of countries in which we have invested demonstrates that InfraMed has the expertise, versatility and credibility to succeed in heterogeneous markets. My present focus as CEO is to secure additional funds through our current fundraising to maintain our investment pace”.
EPGE Chairman and CEO Efthyvoulos Paraskevaides commented, “EPGE is proud to contribute to Jordan’s renewable energy programme by pioneering the development of and participating in a substantial wind farm project in the country. We are very pleased to be cooperating on this project with InfraMed, an important equity investor in the region, as well as the IFC of the World Bank and the European Investment Bank. In keeping with our mission, our company applies its skills to realising quality energy projects from sustainable sources in the EMEA region where our group has a long and successful experience.”
The Jordanian wind project marks InfraMed’s third investment this year, on the heels of the Egyptian Refining Company in June and the Turkish Port of Iskenderun in March. This is their first investment in Jordan. The fund’s rapid commitment pace confirms that essential infrastructure projects remain a priority for countries in the Southern and Eastern Mediterranean region.
InfraMed is a long-term infrastructure investment fund with five institutional investors who together contributed €385m: Caisse des Dépôts et Consignations (CDC), Cassa Depositi e Prestiti (Cdp), the European Investment Bank (EIB), Caisse de Dépôt et de Gestion (CDG) in Morocco, and EFG Hermes in Egypt.
InfraMed’s transaction advisers on this investment included CMS (legal), and GL Garrad Hassan (technical).
EPGEJH were advised by Nabarro Nathason (legal) and Cube (technical).
With the assistance of its adviser Deloitte, InfraMed is currently fundraising with a target close of c.€1bn.
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Information on InfraMed’s fundraising: Edith Bengio, ebengio@deloitte.fr +33 1 58 37 96 8