The European Bank for Reconstruction and Development (EBRD) is joining forces with the Climate Technology Fund (CTF) to provide €53.5 million in financing to Morocco. The funds are intended for the modernisation and expansion of the Nassim Koudia Al Baida wind farm.
The special purpose company Koudia Al Baida Energy Company obtains financing for the modernisation and extension of its wind farm. 53.5 million from the European Bank for Reconstruction and Development (EBRD) and the Climate Technology Fund (CTF) of the Climate Investment Funds (CIF).
44 million of this funding represents a “senior” loan from the EBRD. “This financing is part of a senior debt package provided by a group of international and Moroccan banks: Société Générale, Attijariwafa Bank, Banque Centrale Populaire and Bank of Africa,” the London-based bank said. The EBRD is accompanying its loan with a second loan of 52 million Moroccan dirhams, the equivalent of 5 million euros.
Commissioning in 2024
For its part, the FTC is granting a €4.5 million loan to the Moroccan Agency for Sustainable Energy (MASEN), the shareholder of Koudia Al Baida Energy Company along with Électricité de France (EDF). With this loan, MASEN should finance its participation in the capital of the project’s ad hoc company. The wind farm was commissioned in 2000 with an installed capacity of 50 MW. The extension and modernisation project will increase its capacity to 100 MW.
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“The financial closing of Nassim Koudia Al Baida announces the immediate launch of the construction work of the wind farm and in particular the manufacture of the blades, ensured by Siemens-Gamesa in its Tangier factory”, announces EDF. According to the French energy company, the commissioning of the wind farm is scheduled for the 2nd quarter of 2024. The installation will then be able to supply 420,000 Moroccan homes while avoiding the emission of 308,000 tons of CO2 equivalent per year.
“The Nassim wind plan, like the Noor solar plan, brings together under a single name all of the wind projects carried by Masen, contributing to the Kingdom of Morocco’s objective of achieving at least 52% of renewable capacity in its electricity mix by 2030,” EDF maintains. Currently, the Kingdom of Morocco has an installed capacity of 10,627 MW, of which 4,050 MW is produced from renewable sources, according to the National Electricity Regulatory Authority (ANRE).
Jean Marie Takouleu
