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EBRD, CTF allocate €53.5 m for repowering Morocco’s wind farm
The European Bank for Reconstruction and Development (EBRD) and the Climate Investment Funds’ (CIF) Climate Technology Fund (CTF) have allocated a total financing package of €53.5 million for repowering Morocco’s Koudia Al Baida wind farm.
The EBRD is supporting Morocco in its transition to a low-carbon economy by co-financing the repowering of the wind farm in the north of the country.
The EBRD is providing a senior loan of up to €44 million, to the Koudia Al Baida Energy Company S.A., a special purpose vehicle (SPV) owned by the Moroccan Agency for Sustainable Energy (MASEN) and EDF Renewables. This is part of a senior debt provided by a group of international and Moroccan banks: Société Générale, Attijariwafa Bank, Banque Centrale Populaire and Bank of Africa.
EBRD will also provide a MAD 52 million loan (equivalent to €5 million), while the Climate Investment Funds’ (CIF) Climate Technology Fund (CTF) will provide a €4.5 million loan to MASEN to finance its equity contribution to the project SPV.
Through this investment, Koudia Al Baida will repower the existing 50 MW wind farm located in the Tlat Taghramt region near Tangier and increase its capacity to 100 MW.
Koudia Al Baida wind farm is the oldest utility-scale wind farm in Africa and Morocco’s first renewable independent power producer. It will also be the first wind-repowering project in Africa and for the Bank.
The renewable energy generated by the new farm will lead to CO2 emission reductions of circa 300,000 tons per year.
Managing Director of the EBRD’s Sustainable Infrastructure Group Nandita Parshad said “The EBRD is very proud to support MASEN and EDF Renewables in the repowering of the Koudia Al Baida wind farm. This project demonstrates the long-term opportunity for renewables to play an important role in the decarbonisation and increased competitiveness of Morocco’s economy. We at the EBRD are very pleased to be actively contributing to the scaling up of Morocco’s renewables together with MASEN, the Office National de l’Electricité, électrification rurale (ONEE) and all the key stakeholders.”
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