ARIF Fund to invest in 120 MW Wind Project in Morocco
Infra Invest (an affiliate company of RMA Capital), the Investment Advisor of ARIF, announced today that it had reached an agreement with UPC North Africa Renewables to acquire a 25% ownership position in the 120 MW Jbel-Sendouq (Khalladi) wind farm near Tangiers, Morocco.
Khalladi is one of a handful of wind projects to have obtained the Law 13-09 Authorization from the Moroccan Ministry of Energy, Mines, Water and Environment. The Khalladi project, which will consist of 40 Vestas V90-3MW wind turbine generators, is projected to be in construction during the year 2014.
Abdellatif Nasserdine, Managing Director for Infra Invest was quoted as saying that “ARIF is very pleased to be participating in this groundbreaking project which will provide significant local and regional benefits as well as help the Kingdom of Morocco realize its goal of greater energy self-reliance.” Mr. Nasserdine went on to say that “UPC is an experienced wind developer with a long track record in multiple jurisdictions. They have done a great job building local, regional and national support for the Khalladi wind farm.”
Peter A. Gish, Managing Director of UPC North Africa Renewables, stated that “We are very pleased to have found such a highly qualified and respected local partner. They bring a very high degree of sophistication combined with intimate knowledge of the domestic energy market.” Mr. Gish added that “UPC North Africa has assembled a qualified team of local and international contractors and suppliers to build the project.”
About Infra Invest and ARIF
Infra Invest, a subsidiary of RMA Capital, is a Morocco-based Management Company for investment funds specializing in infrastructure projects and assets in Africa.
ARIF is a pan-African investment fund, sponsored by RMA Watanya, and whose other founding limited partners are European Investment Bank, African Development Bank, Proparco, International Finance Corporation and BIO (Belgian Investment Company for Developing Countries). The Fund is dedicated to investment in infrastructure projects and assets particularly in the sectors of Energy, Environment, Ports, Transportation and infrastructure related Industry.
About UPC North Africa Renewables
UPC North Africa Renewables is part of the UPC Group which has successfully developed, financed, built and operated wind energy projects in Europe, North America and Asia.