Leading Arab investment bank EFG Hermes, on Tuesday announced that InfraMed has made a $40 million investment towards the development of Jordan’s first utility-scale wind farm in Jordan, in a bid to vamp up alternative energy generation within the MENA region.

The energy project, the first of its kind within the MENA region with an estimated generation capacity of 117 megawatts (MW), will receive significant capital injection, needed to boost the construction process.

The contribution, offered via sponsored investment fund InfraMed, will offer InfraMed a 50 percent stake in the project contractor, Jordan Wind Project Company.

“Renewable and alternative energy projects are a critical part of the Arab world’s future energy security,” Karim Moussa, co-head of private equity at EFG Hermes and member of InfraMed’s Investment Committee told local news service, ahramonline.

Jordan relies heavily on imported energy, with 96 percent of its total consumption sourced from neighbouring Arab countries, costing the country a significant portion of its national income.

This, along with the rising cost of fuel, has forced it to plan investments reaching $15 billion in renewable energy projects as it seeks to boost domestic output.

Investment such as the InfraMed fund will help foster the country’s push for a sustainable domestic energy industry.