Inauguration of 120MW Khalladi Wind farm in Morocco
Friday, 29 June : ACWA Power today inaugurated its 120 MW Khalladi wind farm in Melloussa, Tangier, which will supply clean power in Morocco at competitive prices. The wind farm, developed by ACWA Power in collaboration with ARIF investment fund, and located at Jbel Sendouq, 30 km from Tangiers, represents an investment of 1.7 billion dirhams (~170 mUSD).
The project was financed under a long-term debt, mainly with the contribution of the European Bank for Reconstruction and Development (EBRD) in collaboration with the Clean Technology Fund (CTF), and the Moroccan bank BMCE Bank of Africa. It should be mentioned that the Khalladi project will be the first project of renewable energy financed by the EBRD in Morocco.
The plant will produce around 380 GWh annually to supply major industrial customers. Power generation at the wind farm will be equivalent to the yearly average consumption of a city of 400,000 people.
With renewables playing an important role in the overall development of countries in Africa, including Morocco, the Khalladi project is assisting Morocco to meet its 2020 target of increasing renewables into its energy mix up to a capacity of 42% and its aim to develop 2,000 MW of wind capacity by 2020. The wind farm will contribute to the reduction of more than 144,000 tons of CO2 emissions per year.
Khalladi wind farm takes off
The 120 MW Khalladi wind power plant in Morocco started injecting its first kWh into the high voltage network.
The 120 MW wind farm is located at Jbel Sendouq, 30 km from Tangiers and represents an investment of MAD 1.7 billion dirhams. The plant consists of 40 wind turbines of 3 MW each, constructed by the equipment manufacturer Vestas, which will also be in charge of the production and the maintenance.
The project company ACWA Power Khalladi is 75% owned by ACWA Power and 25% owned by ARIF (Argan Infrastructure Fund managed by Infra Invest).
The Khalladi wind power plant has been developed within the framework of the Law 13-09 on renewable energies allowing the private sector to sell electricity directly to high voltage consumers.
The first turbines start power supply immediately. Over the next four months, additional turbines will become operational until full capacity of 120MW is met.
The plant will produce around 380 GWh annually, directly powering major industrial customers connected to the high voltage network. Power generation at the wind farm will be equivalent to the yearly average consumption of a city of 400,000 people.
The long-term debt of the project was provided by the Moroccan BMCE Bank and the European Bank for Reconstruction and Development (EBRD) in collaboration with the Clean Technology Fund (CTF). This is the first renewable energy project to be financed by the EBRD in Morocco, based only on contractual funding without any financial support.
Paddy Padmanathan, President & CEO of ACWA Power said: “This significant achievement in the deployment of wind energy through the Khalladi IPP is testament to ACWA Powers commitment to creating value for communities in Morocco and elsewhere. Today marks an auspicious moment for the company as we seek to expand our presence in Morocco through the successful operation of our power plants – working with governments and organisations alike to secure energy access and sustainable growth of the economy.”
Badis Derradji, Regional Managing Director, ACWA Power also commented on the occasion saying: “We are proud to play a role in realising the Kingdom of Morocco’s’ ambitions to develop its renewable energy capacity while supporting the thriving industrial sector of the country. The project being delivered on schedule and within allocated budget showcases ACWA Powers position as partner of choice for the reliable provision of electricity and water.”
Abdellatif Nasserdine, Managing Director of Infra Invest, the fund manager of ARIF, stated that « the connection of the first turbines of Khalladi wind farm to the electricity national grid, and the start of green energy supply to our clients, is the success of a long development process to which Infra Invest actively contributed. »
Infra Invest Infrastructure Manager of the Year (W&F International)
Wealth & Finance International magazine selected Infra Invest as Infrastructure Fund Manager of the Year (2017). This award places Infra Invest among the best regional players in equity investment in infrastructure and energy.
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.
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.
Casa Finance City : List of companies with CFC Statuts
The complete list of companies with CFC Statuts.
(Source: Moroccan Financial Board)
ARIF Fund acquires 20% stake in Mass Céréales Al Maghreb
Infra Invest, Investment Advisor of ARIF Fund, and Holmarcom Group announced today the acquisition by ARIF Fund of 20% ownership position in Holmarcom subsidiary Mass Céréales Al Maghreb.
Mass Céréales is operating two terminal concessions for grain handling and storage in the ports of Casablanca and Jorf Lasfar (approx. 100km away from Casablanca) in Morocco.
Previously, Holmarcom Group partnered in 2012 with Union Invivo, France’s largest agricultural cooperative, by selling 20% of the capital of Mass Céréales Al Maghreb.
This new partnership will allow Holmarcom, Invivo, and ARIF Fund to combine their complementary expertise in order to develop their presence in Africa, through the development of grain handling facilities.
Moreover, this sale will allow Holmarcom Group to support its investment and growth policy in particular throughout Africa.
About Holmarcom
With over 50 years of history, Holmarcom Group is organized around five main areas of activity: Finance, Agribusiness, Distribution and Logistics, Air Transport and Real-Estate. The majority of its subsidiaries are leaders in their businesses, and two of them are listed on the Casablanca Stock Exchange.
Since its inception, Holmarcom has made the strategic choice of diversification, operating in key sectors of the economy in Morocco. Under the leadership of its president M. Mohamed Hassan Bensalah, the family group follows its investment policy in value-creating businesses for its subsidiaries and for Morocco, and accompanying major modernization projects of the Kingdom of Morocco.
About Invivo
InVivo is a French agricultural cooperative which gathers 223 cooperative members and operates in four areas: seeds and agricultural supplies, animals’ health and nutrition, grain storage and sale, and specialized ecological distribution.
By its consolidated revenues of € 6.1 billion (2012-2013), of which 40%+ earned abroad, InVivo is the first French agricultural cooperative group and the seventh at European level. The Group comprises 6,663 employees in France and in 18 countries worldwide, with nearly 57% of employees working outside France.
InVivo has two main missions: to promote the potential of agriculture to produce more and better, and to create value for its members and their customers, and for agriculture.
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 companies and infrastructure projects particularly in the sectors of Energy, Environment, Ports, Transportation and Industry. ARIF investment tickets vary in the range of 5 to 15 Euro million.
Argan Invest launches its regional fund
Argan Infrastructure Fund has an initial size of 750 MDH.
The first closing of this regional fund, with an initial size of 750 million dirhams and a target size of 2 billion dirhams, took place in August 2010. It will invest in infrastructure segments such as Energy, Utilities, ports, transport and logistics, telecommunications and infrastructure industries. With the aim of allocating 40% of its funds to Morocco, 30% to other North African countries and 30% to sub-Saharan African countries, ARIF fund will intervene as well in the new projects “Greenfield” as in the existing projects “Brownfield and Corporate”, in partnership with leading operators in their field of activity.
AfDB in a Moroccan investment fund
First equity commitment of the bank with a Moroccan Fund Manager which is Infra Invest, a subsidiary of Argan Invest.
The African Development Bank (AfDB) formalized last Wednesday in Rabat, its equity commitment in a Moroccan investment fund of 66 million euros, more than 729 million DH. The bank made a contribution of 15 million euros (nearly 166 million DH). A shareholders’ agreement has been signed between the organization and Infra Invest, a subsidiary of Argan Invest (the investment fund management platform of the FinanceCom Group).
“The AfDB generally engages in infrastructure projects with state agencies. This is the first equity commitment of the bank with a Moroccan investment fund management team.” says Amani Abou-Zeid, AfDB representative in Morocco.
The fund Argan Infrastructure Fund (ARIF) is dedicated to infrastructure investments in North Africa and sub-Saharan Africa for a duration of 12 years.