ACWA Power has inaugurated a 120MW Khalladi wind farm in Tangier, Morocco, which will supply clean power at competitive prices to large industrial companies, mostly operating in the cement sector.
The $170m wind farm has been developed by ACWA Power in collaboration with ARIF investment fund and is located at Jbel Sendouq, 30km from Tangiers.
The privately funded investment 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).
ACWA Power, ARIF and BMCE have earlier invested in the renewable energy sector in the African country. The Khalladi project is the first renewable energy project to be financed by the EBRD in Morocco.
The 370GWh energy that will be produced and supplied by the wind farm annually will be equivalent to a yearly average consumption of a city of 400,000 people and contribute to the reduction of more than 144,000 tonnes of CO2 emissions per year.
The Khalladi project is expected to help Morocco achieve the 2020 target of increasing renewables energy component of the energy mix to 42% and to develop 2,000MW of wind capacity by 2020.
ACWA Power has a 75% stake in ACWA Power Khalladi, the project company of the Khalladi Windfarm. The remaining 25% is owned by ARIF Fund, managed by Infra Invest.
ACWA Power chairman Mohammad Abunayyan 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 all of which has made it possible for ACWA Power to, within six years, deliver the NOORo I solar plant (160MWe) and the Khalladi wind farm (120MW) and a series of other investments in construction which by the end of 2018 will cumulate to 800MW of generation capacity in the Kingdom.”
Image: ACWA inaugurates the 120MW Khalladi wind farm in Tangier, Morocco. Photo: courtesy of Acwa Power.