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ACWA Power seals Noor 1 and 2 financing | Utilities-ME
Morocco is one step closer to drastically expanding domestic solar energy production:
ACWA Power has achieved financial close of the Independent Power Projects of NOOR II (200MW) and NOOR III (150MW) concentrated solar power (CSP) projects in Morocco.
The total value of both projects of about $2bn will be funded on 80/20 debt to equity basis with debt entirely financed by Masen with lending funds secured from the African Development Bank, the “Agence Française de Développement”, the Clean Technology Fund, the European Commission, the European Investment Bank, Kreditanstalt für Wiederaufbau and the World Bank.
The Saudi-based company was selected in January as preferred bidder for both plants after submitting the lowest combined tariff.
Paddy Padmanathan-led ACWA has previously also won the contract to develop the 160MW Noor 1 project in Morocco.
ACWA signed 25-year Power Purchase Agreements (PPA) with Moroccan Agency for Solar Energy (Masen) in March…[Full Story]