The sale was concluded after a successful competitive auction, which received strong market interest from a highly diversified group of bidders (from four continents including pension/insurance backed consortiums, global energy companies, oil majors and other financial as well as strategic investors); culminating in the initial entry of a leading global energy investor into the MENA region.
USD 711m Funds Raised
- USD 240m in equity. Investors included IFC & AMC (World Bank companies), Mubadala Infrastructure Partners, Blu Stone Management and Dash Ventures
- USD 471m in project finance by 13 institutions
7 Transactions | 2 Platforms
- 7 projects selected out of 400+ projects screened
- Built the largest RE independent platforms in Jordan and Egypt at the time (by installed capacity)
411 MW in generation capacity
- 5 solar PV assets
- 2 onshore wind assets
All Investments Fully Realised
- Funds committed ~ 1.3 years from fundraising
- Funds called within ~ 2.0 years from fundraising
- Exit 6 years after initial fundraising
Environmental & Social Benefits
- Created over 4,200 jobs during the construction phase of which 80% were filled by nationals.
- Generated enough clean energy to power over 275,000 households per year
- Prevented over 445,000 tons of greenhouse gas emissions per year
- Saved over 800,000 m3 of water per year
- Offset over 8.5 million MMBTUS per year to local governments
- Allocated over USD 15m to social development and investment, mainly on education for our local communities for the life of the assets
Key Operational Achievements
- All projects started construction on time, achieved COD within PPA deadlines and within budget
- All projects developed & delivered above approved base case IRR and by exit had operational performance above P50 base case
- Played an active role in developing the renewable energy sector for Jordan and Egypt
- Structured and raised the largest private renewable energy project finance portfolio in the region backed by leading international DFIs
- Jordan assets were the first wind and solar RE assets to reach COD as part of round one of the Feed-In-Tariff (“FIT”)scheme
- First two solar projects from Round II 1.465GW Solar Park to achieve COD
The portfolio achieved high performance in ESG driven by in-house ISO certified and lenders’ approved management systems resulting in positive contribution towards SDGs.