Casablanca - The consortium chaired by ACWA Power completed the financial closure of the NOOR II and III energy projects, which are the second phase of Ouarzazate solar complex NOOR, ACWA said in a statement.
The projects NOOR II and III are two solar centres using concentrated solar technology (CSP) to produce respectively 200 MW and 150 MW.
These projects will be financed by the Moroccan Agency for Solar Energy (MASEN) as part of the Moroccan energy plan NOOR whose goal is to produce 2 GW of solar energy which is equal to 14 pc of Morocco’s production capacity by 2020, the same source noted.
These two projects will cost 2 billion dollars that will be financed with a debt/equity ratio of 80/20, and the debt is totally financed by MASEN with funds guaranteed by the African Development Bank, French Development Agency, Clean Technology Fund, European Commission, European Investment Bank, Kreditanstalt fur Wiederaufbau and the International Bank.
"NOOR has always been a special project for ACWA Power (...) that will offer the most competitive solutions for NOOR II and NOOR III and we are pleased to finish the financial closure of these two projects", President and CEO of ACWA Power, Paddy Padmanathan, said, adding that ACWA Power is honored to work with Masen and participate in Morocco’s ambitious program of renewable energy production aiming to produce 2 GW of solar energy by 2020.
"Morocco guides us to build the renewable energy ecosystems through a transparent tender procedure", ACWA Power Managing Director, Thamer Alsharhan, said. NOOR II and NOOR III will help in environment protection and contribute to the socio-economic development of local economy.