Wednesday 26 January 2022

Acwa chosen for new solar project in Morocco

RABAT, November 20, 2016

Masen, a leading force for renewable energy in the Middle East region, has selected of Acwa Power (leader) and Chint (technical member) to design, finance, construct, operate and maintain its Noor PV I programme in Morocco.

The combined rate per kilowatt hour for the Noor PV I programme comes to 4.22 eurocents, one of the lowest on a global scale.

After developing plants with CSP technology for the Noor Ouarzazate I, Noor Ouarzazate II, and Noor Ouarzazate III projects, Masen is pursuing the development of the first photovoltaic phase of the Noor solar plan (NOOR PV I Programme) with a combined capacity of approximately 170 MW from three solar plants:
•    Noor Ouarzazate IV, with a maximum capacity of 70 MW, located in the Masen complex.
•    Noor Laayoune, with a maximum capacity of 80 MW
•    Noor Boujdour, with a maximum capacity of 20 MW

During the signing ceremony, which took place today in the presence of Gerd Mueller, Federal Minister of Economic Cooperation and Development, as well as Mohamed Boussaid, Minister of Economic Affairs and Finance, Masen president Mustapha Bakkoury stated: "With these three solar plants, Masen continues to expand its portfolio of multi-technology projects, always with the goal of responding in the best way possible to the needs of our client and partner, Onee [the National Agency for Electricity and Drinking Water].

“This is also the consolidation of long-standing partnerships, both with the KfW, which is financing the 4th and last phase of the Ouarzazate complex,  and with Acwa Power, and it assures us that we will develop projects meeting international standards at Ouarzazate, Laayoune, and Boujdour."

The three projects are developed by Masen in the framework of a three-part Independent Power Production (IPP) plan with Onee and that the consortium was selected through an international call for proposals. The innovative institutional development adopted by Masen allows for optimal risk alignment and for reduced production costs.

Financing secured

The unique legal and financial structuring of Masen's projects with the support of the state ensures the best price per kWh. Masen has signed the financing contract with the KfW Bankengruppe for the development of the Noor Ouarzazate IV project for €60 million.

This financing is part of the ongoing support provided by the KfW, one of Masen's strategic partners, and the German authorities, expressing their confidence in the projects developed by Masen.

Gerd Mueller, Federal Minister of Economic Cooperation and Development, said: "We share Morocco's forward-looking vision regarding the development of renewable energy and are impressed by the projects developed by Masen, which we are happy and proud to have supported from day one."

Its solar projects in Laayoune and Boujdour, as well as the capital for Noor Ouarzazate IV, will be financed by the first green bonds in Morocco, which will be issued by Masen for 1,150 million Moroccan dirhams (€106 million) and underwritten by Al Barid Bank, Attijariwafa Bank, the CMR [Caisse Marocaine de Retraite], and the SCR [Société Centrale de Réassurance]. – TradeArabia News Service

Tags: solar | Acwa | PV | Masen |

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