South Korea’s state-run Export-Import Bank of Korea (Korea Eximbank) will provide US$120 million project financing to develop the Fujeij wind power plant, in Jordan.
To be more specific, Korea Eximbank has signed a contract to finance the project with KEPCO and financial institutions including Japan’s Mizuho Bank.
As we reported in December 2015, Jordan’s National Electric Power Co. awarded to KEPCO the contract to build and operate the wind power plant in Jordan.
The wind facility is the first energy project in a developing country that a Korean company will carry out with investments from private lenders. The project invovles the development of an 89.1 MW wind power plant that comprises 27 wind turbines with a capacity of 3.3 MW, each, in Fujeij, 150 kilometers south from Amman.
The construction of the wind farm is expected to be finiched in October 2018. The bank would be paid back the principal every six month on an 18-year installment plan after the completion of the construction works.