EBRD and BMCE invest in Khalladi wind farm in Morocco
Renewable energy generation in Morocco has received a boost with an investment by the European Bank for Reconstruction and Development (EBRD), Banque Marocaine du Commerce Exterieur (BMCE) and the Clean Technology Fund (CTF) in the Khalladi wind farm in the vicinity of Tangiers.
The 120 MW wind farm is the first private renewable project financed by the EBRD in Morocco. The Bank and BMCE are providing a financing package of €126 million in equal tranches to UPC Renewables SA. This funding will finance the construction, operation and maintenance of the wind farm contributing to Morocco’s target to develop 2,000 MW of wind capacity by 2020. In addition the renewable energy produced is expected to reduce greenhouse gas emissions of over 200,000 tonnes of CO2 per year.