Masen selects ACWA Power 170 MW Noor PV 1 program

Press release, 17 November 2016

Masen awards AWCA Power for the 170 MW Noor PVI program

On 15 November 2016, Masen (the Moroccan Agency for Sustainable Energy) signed a 20-year PPA with Acwa Power for the 170 MW Noor PV 1 program. Noor PV 1 is the first PV program of the NOOR Solar Plan and is composed of 3 projects: up to 70 MW in Ouarzazate, up to 80 MW in Laayoune and up to 20 MW in Boujdour. Masen is supported in the financial and tax aspects by Attijari Finances Corporate and Green Giraffe.

Acwa Power was selected after an international tender and will be responsible for the development, construction and long term operation of the 3 plants under a BOOT (Build, Operate, Own and Transfer) scheme, against a combined tariff of 0.46 dirhams per kWh (42.2 EUR/MWh), which is one of the most competitive tariffs worldwide.

In addition to its role as off-taker, Masen is acting as sole lender, shareholder and also service provider for this project. The same day Masen also signed a EUR 60 M financing facility with KfW for the financing of the Ouarzazate plant, with very competitive terms. Last week Masen raised a green bond for 1,150 M dirhams (EUR 107 M) for the financing of the Laayoune and Boujdour plants and for the equity for the 3 projects.