Korea Electric Power Corp. (KEPCO) held a ceremony for the completion of the 89.1MW Fujeij Wind Power Plant in Hussainia, Jordan, on October 15 (local time).
More than 120 people attended the event, including KEPCO President Kim Jong-kap, Jordanian Energy and Mineral Resources Minister Hala Adel Zawati, and Jordan Power Corporation President Amjad Al-Rawashdeh.
This project is KEPCO's sole BOO (Build, own, operate) project that invests 100% of its shares to carry out the entire process from the development stage to the construction and operation of the power plant. It is the KEPCO's first wind project in the Middle East.
After KEPCO was selected as the preferred bidder by Jordan's Energy and Mineral Resources Ministry for the project in 2013, it successfully launched commercial operation in July this year following the signing of a power sales contract in December 2015 and successful financing in December 2016.
The project is expected to generate revenue of $580 million (approximately 673.9 billion won) by operating it for the next 20 years after commercial operation.
The total project cost is about $181 million, and the project cost was raised through project financing method from the Export-Import Bank of Korea and the International Commercial Bank through the Jordanian subsidiary established by KEPCO.
"The successful completion of the Fujeij wind power plant will serve as an opportunity to further strengthen the cooperative relationship between KEPCO and Jordan," KEPCO President Kim said at a ceremony celebrating the completion of the plant. "We hope KEPCO will contribute to Jordan's expansion of new and renewable energy."
Prior to the ceremony, Kim met with Jordanian Prime Minister Omar Al-Razzaz and agreed to expand bilateral cooperation across Jordan's electricity industry, including new and renewable energy and power transmission.