Trade Arabia
Acwa Power, a leading private power and water project developer in the Gulf region, said one of its companies is all set to start the construction of a major wind power project in the north of Morocco.
Formerly known as UPC Renewables, Acwa Power Khalladi is 75 per cent owned by Acwa Power – a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants – and 25 per cent by the Arif Investment Fund, a specialist in infrastructure projects.
Arif’s shareholders are leading national and international institutions (RMA Watanya, African Bank for Development, European Investment Bank, International Financial Society, Proparco, Bio Invest, and the Belgian Development Agency).
This 120 MW wind power farm, located in Jbel Sendouq – Khalladi is the first project to be developed by Acwa Power and Arif under the Moroccan Renewable Energy Law, said a statement from the Saudi-based company.
Acwa Power Khalladi has confirmed final orders to suppliers and contractors for the construction of the project, following all conditions precedent for its landmark project financing being satisfied, it added.
“This new wind energy project reinforces our positioning as a major player in the country’s renewable energy sector,” said
Announcing the new project, Rajit Nanda, the chief investment officer, Acwa Power, said: “Our investment in Morocco is for the long run and with our partner Arif we will be contributing even further to the transformation of the energy sector Morocco is undergoing in alignment with its national strategy.”
Once operational, the Khalladi project will directly supply the industrial clients connected to the high voltage network, he stated.
The project, under construction since November 2015 and representing a global investment of MAD1.7 billion ($172 million), will result in greenhouse gas reductions of over 200,000 tons of carbon dioxide per year once operational.
According to Nanda, this project confirms the commitment of Acwa Power and its partner Arif to the Moroccan National Renewable Energy Strategy/Wind Power plan aiming for 2,000 MW wind power capacity by 2020, representing 14 per cent of the national installed capacity.
It will support industrial integration and create job opportunities in the kingdom with approximately 300 workers during the construction peak period.-TradeArabia News Service
