InfraMed, the southern and eastern Mediterranean-focused infrastructure fund, has completed its third deal this year, buying into a wind farm project in Jordan, the fund announced earlier this week.
The 114-megawatt wind farm project – described as Jordan’s “first and largest privately financed wind farm in the country” – will be developed by InfraMed and EP Global Energy Holdings, a subsidiary of energy group EPGE. InfraMed will hold a 49 percent equity stake in the joint venture, but did not disclose how much it will invest in the project.
InfraMed says the wind farm project 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. 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”.
The International Finance Corporation, a member of the World Bank Group, and the European Investment Bank will also help fund the project.
The wind farm is InfraMed’s first investment in Jordan and its third investment this year. In June, it invested $100 million in the Egyptian Refining Company and earlier in March it bought 20 percent of Turkey’s Iskenderun Port from local developer Limak.
InfraMed started life in 2010 with a seed commitment of €385 million from five banks: France’s Caisse des Depots et Consignations, Italy’s Cassa Depositi e Prestiti, the European Investment Bank, Morocco’s Caisse de Depot et de Gestion and Egypt’s EFG Hermes.
It is unclear how close InfraMed is to exhausting that initial seed commitment, but chief executive Frederic Ottavy said in a statement that “my present focus as chief executive is to secure additional funds through our current fundraising to maintain our investment pace”. A spokesman from InfraMed could not be reached for further details on the fundraising process.
The fund is targeting a final close of €1 billion and has hired consultancy Deloitte to help with further fundraising.