Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Energy and Industry)
Filter PR by
  
Masen selects the developer of the 3 NOOR PV I solar power plants and signs contracts securing their financing
 
Masen selects the developer of the 3 NOOR PV I solar power plants and signs contracts securing their financing

Masen, a leading force for renewable energy in Morocco, supports the development of an integrated and competitive Moroccan solar ecosystem, activated in particular by the establishment of NOOR solar power plants throughout the Kingdom. Today Masen has selected the developer of the 170 MW NOOR PV I, the first photovoltaic (PV) phase of the NOOR Solar Plan. Masen has also signed contracts that complete the financing of the project. 

Acwa Power and Chint have been selected to develop NOOR PV I

After developing plants with CSP technology for the Noor Ouarzazate I, Noor Ouarzazate II, and Noor Ouarzazate III projects, Masen is pursuing the development of the first photovoltaic phase of the Noor solar plan (NOOR PV I Program) with a combined capacity of approximately 170 MW from three solar plants:

  • NOOR Ouarzazate IV, with a maximum capacity of 70 MW, located in the Masen complex, NOOR Ouarzazate
  • NOOR Laayoune, with a maximum capacity of 80 MW
  • NOOR Boujdour, with a maximum capacity of 20 MW

Today Masen announces the selection of the company that will design, finance, construct, operate, and maintain the NOOR PV I program. It is the group composed of Acwa Power (as leader) and Chint (as technical member). The combined rate per kilowatt hour for the NOOR PV I program comes out to 0.46 dirhams (= 4,22 eurocents), one of the lowest on a global scale.

During the signing ceremony, which took place today in the presence of His Excellency Gerd Mueller, Federal Minister of Economic Cooperation and Development, as well as Mr. Mohamed Boussaid, Minister of Economic Affairs and Finance, Masen President Mr. Mustapha Bakkoury stated: 

'With these three solar plants, Masen continues to expand its portfolio of multi-technology projects, always with the goal of responding in the best way possible to the needs of our client and partner, ONEE [the National Agency for Electricity and Drinking Water]. This is also the consolidation of long-standing partnerships, both with the KfW, which is financing the 4th and last phase of the Ouarzazate complex,  and with Acwa Power, and it assures us that we will develop projects meeting international standards at Ouarzazate, Laayoune, and Boujdour.'

Developing innovative projects

It should be recalled that the three projects are developed by Masen in the framework of a three-part Independent Power Production (IPP) plan with ONEE and that the consortium was selected through an international call for proposals.
The innovative institutional development adopted by Masen allows for optimal risk alignment and for reduced production costs. 

Financing secured from the KfW along with green bonds issued by Masen

The unique legal and financial structuring of Masen's projects with the support of the state ensures the best price per kWh. Today, Masen has signed the financing contract with the KfW Bankengruppe for the development of the NOOR Ouarzazate IV project for a sum of sixty million euros (60 MEUR). 

This financing is part of the ongoing support provided by the KfW, one of Masen's strategic partners, and the German authorities, expressing their confidence in the projects developed by Masen.

His Excellency Gerd Mueller, Federal Minister of Economic Cooperation and Development, said, 'We share Morocco's forward-looking vision regarding the development of renewable energy and are impressed by the projects developed by Masen, which we are happy and proud to have supported from day one.'

At the same time, the solar projects in Laayoune and Boujdour, as well as the capital for NOOR Ouarzazate IV, will be financed by the first green bonds in Morocco, which will be issued by Masen for a sum of 1,150 million MAD (Moroccan dirhams) (106 million euros) and underwritten by Al Barid Bank, Attijariwafa Bank, the CMR [Caisse Marocaine de Retraite], and the SCR [Société Centrale de Réassurance].

Posted by : Dubai PR Network Editorial Team
Viewed 8125 times
PR Category : Energy and Industry
Posted on : Sunday, November 27, 2016  12:39:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Dubai Supreme Council of Energy (DSCE) promotes third sessio...
Next Story : Italian major DAB Water Technology targets 50% revenue growt...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Basant Festival Celebration at Skyline University College [9266-Views]
Chloe introduces the Daisy children's sunglass collection [8888-Views]
Grand Optics exclusive: MARNI eyewear collection [7643-Views]
Filorga to introduce Nutri-Filler Lips in the UAE [7601-Views]
‘Go Ahead, Love the Sun' with COÉGA Sunwear's Spring/Summer 2017 collection [7039-Views]
A Two-Beat Rhythm from RAYMOND WEIL The World's Most Beautiful Dance Sets The Tune of the ... [6991-Views]
Dunkin' Donuts celebrates the launch of new premium donuts in the month of love [6588-Views]
Doha Bank achieves recertification to ISO20000-2011, 10 years in a row [6558-Views]
Ericsson at Mobile World Congress 2017: demonstrating how the digital world has no limits [5899-Views]
Mouawad - Royale Rings: Masterpieces Fit for a Queen [5655-Views]
Clikon launches “MyLight” rechargeable LED flashlight [5594-Views]
#NoFilter: Just High Definition Clean for Our Clothes [5453-Views]
Middle East poised for debut of new INFINITI Q60 Red Sport 400 [5441-Views]
GUESS Spring/Summer 2017 Collection [5417-Views]
Introducing The Levi's® 501® Skinny [5411-Views]
Malabar Gold & Diamonds' opened its 11th showroom in Saudi Arabia at Jubail & Re-Opened in... [5405-Views]
Al Ghurair Rayhaan and Al Ghurair Arjaan by Rotana Pre-valentines Event [5362-Views]
Ulysse Nardin InnoVision 2: undisputed pioneer of innovations in timekeeping [5270-Views]
L'Oréal Group International Sustainability Workshop hits Dubai [5270-Views]
Sharjah Biennial 13: Opening Week Programme Release [5173-Views]
With Love On Mother's Day [5136-Views]
Summertown Interiors recognised by Dubai Chamber of Commerce & Industry for CSR [5100-Views]
Tissot T-Race MotoGPTM Automatic Limited Edition 2017 [5069-Views]
Intimissimi Italian lingerie presents the Valentine's Day Collection [4978-Views]
Re-Salons and Spas Valentine's event [4886-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories