SeeNews Renewables
by Mariyana Yaneva
Moroccan commercial bank BMCE Bank is lining up MAD 1.2 billion (USD 124 m/EUR 110m) to support the development of the 120 MW Khalladi wind farm.
A high-ranking official at BMCE Bank told Moroccan daily Matin Eco that the flagship banking business of local tycoon Othman Benjelloun will co-finance the wind farm as part of a consortium that includes also the European Bank for Reconstruction and Development (EBRD).
EBRD may loan of up to MAD 593 million which will be accompanied by concessional funding, provided by the Clean Technology Fund. The final decision of EBRD is expected on October 14.
Khalladi, will be sited 15 km east of Tangiers and will be one of the first private projects to be developed under the 13-09 renewable energy law.
The project, with a price tag of MAD 1.8 billion, is being developed by a special purpose company, 70% owned by Saudi Arabia’s ACWA Power Global Services LLC, 25% by ARIF, a North-Africa and Sub-Saharan Africa infrastructure fund managed by private equity manager Infra Invest, and 5% by UPC Renewables North Africa.
Once financing arrangements are completed, construction will kick off and commissioning is expected in late 2016 or early 2017. Some 40 wind turbines, of 3 MW each, will be installed along with a 23 km of 225 kV power transmission line and a substation.The power output of the plant, estimated at 340 GWh per year, will be sold to industrial enterprises and the surplus, if any, will be sold to national electricity and water utility company ONEE.
Mariyana is a founding member of the SeeNews Renewables team. With eight years of professional experience in renewable energy she has built strong expertise in the wind industry and Eastern Europe markets.
