Alcazar signs EBRD, IDB debt for Shobak wind

Dubai-based Alcazar Energy Partners has signed on $76 million of debt for its 44.6MW Shobak wind farm in Jordan. Lenders include the EBRD, Islamic Development Bank, and Europe Arab Bank.

SPV Shobak Wind Energy will be financed with:

  • IDB – $26 million (Islamic financing)
  • EBRD – $26 million (A loan)
  • EAB – $26 million (B loan facilitated by EBRD)

The project, located 160km south of Amman, has a total cost of $104 million. It will be geared at 75:25.

Jordan’s National Electric Power Company will offtake power from the project under a 20-year PPA signed in September 2016.

Ownership interests in project company Shobak Wind Energy are:

  • Alcazar – 70%
  • Hecate Energy – 30%

Project company Shobak Wind Energy is majority owned by Alcazar, which is in turn owned by the IFC, IFC Catalyst Fund, Mubadala Infrastructure Partners, Alcazar Projects and DASH Ventures.

Source: IJ Global