Saudi ACWA Power inaugurates 120MW wind farm in Morocco
Saudi Arabian utility developer ACWA Power has inaugurated its 120 MW Khalladi wind farm in Moroccan city of Tangier.
The wind farm will supply clean power to a number of large industrial companies, mainly operating in the cement sector in Morocco at competitive prices, the Saudi firm said in a statement on Tuesday.
It is 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 million).
This entirely privately funded investment was financed with equity from ACWA Power and ARIF and long tenor debt, from the European Bank for Reconstruction and Development (EBRD) in collaboration with the Clean Technology Fund (CTF), and the Moroccan BMCE Bank of Africa (BMCE).
While ACWA Power, ARIF and BMCE are well established investors in the renewable energy sector in the Moroccan Kingdom, Khalladi project will be the first renewable energy financing by the EBRD in Morocco.