New York’s Brookstone Partners plans to build a wind farm in Morocco (picture for illustrative purposes)
ACWA Power, an independent power generator in Saudi Arabia, has opened a 120 MW Khalladi wind farm in Morocco to supply clean energy to cement producers and other large industrial firms in Tangiers.
The wind farm, which was developed by ACWA Power in collaboration with ARIF investment fund, represents an investment of about $170 million. It 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).
The plan will produce 370 GW of energy a year, which is roughly equivalent to the annual average consumption of a city of 400,000 people.
Mohammad Abunayyan, chairman, ACWA Power, said: “Morocco’s energy sector offers attractive investment opportunities, due to a well-established regulatory framework put in place by the Moroccan government and due to the country having already attracted significant investments in solar and wind energy.”
ACWA Power has made significant investments in Morocco, with projects and operations expected to be rolled out over the coming decades. ACWA Power Morocco will serve also as a platform for the development of other energy projects in the continent as the company grows its operations into West Africa.
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