More investment for Morocco’s booming renewable energy industry:
The European Bank for Reconstruction and Development (EBRD) and Banque Marocaine du Commerce Exterieur (BMCE) announced on Friday they will provide a financing package of EUR 126 million (USD 133.3m) for the development of the Khalladi wind farm in the vicinity of Tangiers.
The loan is estimated to cover about 77% of the project costs. The rest will be contributed by the developing company, which is 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.
The 120 MW wind farm will be one of the first private renewable energy projects in Morocco to be developed under the 13/09 renewable energy law that allows private producers to sell electricity directly to clients connected to the high voltage and medium voltage grid, mainly industrial companies…[FULL STORY]