Korea Southern Power Co. (KOSPO), a South Korean public power utility, has received a project financing (PF) award for a wind farm project it is promoting in Jordan, gaining international recognition of the project’s high business value.
KOSPO received the PF award in the wind farm category of the 2018 Project Finance Awards held at Royal Garden Hotel in London on June 12.
The Project Finance Awards is organized by British financial magazine EMEA Finance. The annual award, which is in its 11th year, selects one PF project in each of the 20 categories, such as banking, law, finance and development business. It is a prestigious award in Europe, the Middle East and Africa.
The wind power project in Jordan, dubbed Daehan Wind Power Project, is designed to build and operate a 51.75 MW wind power plant in the Tafilah area 140 km south of Amman, the capital of Jordan. KOSPO successfully signed PF contracts with the International Finance Corp. (IFC), Korea Trade Insurance Corp. (K-Sure), Standard Chartered (SC) Bank Korea and Shinhan Bank in September 2018 to raise 80 billion won (US$67.48 million) of funds.
It was able to win the award as K-Sure jointly financed the wind power project in Jordan for the first time with the IFC under the World Bank.