Financing closed for Khalladi Wind project
Financing closed for the Khalladi wind farm in northern Morocco led by the Saudi group Acwa Power. Total amount mobilized: 126 million euros for this 120 MW project with 40 Vestas turbines. EBRD and BMCE provided the debt of the project.
The Saudi group ACWA Power, specialized in water and energy, has completed financing for the Khalladi wind farm in the north of Morocco, whose work has begun. This project, of a total capacity of 120 MW, is developed through the form of an independent production of electricity within the framework of the law known as law 13-09.
The total cost for implementation is estimated at € 163 million. EBRD and BMCE are financing this project for € 63 million each. An amount that represents 77.3% of the total project and will be allocated to the company UPC Renewables SA, the promoter of the project. Acwa Power has become the majority shareholder at 70% since October 2014 (buying these shares from UPC Renewables, the originator of the project in 2008), making it one of its first forays into wind power globally.
The other shareholders are ARIF since 2014, for 20%, and UPC Renewables for 5%.
Read more (source: L’Usine Nouvelle).
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.