Nareva El Oued/Haouma/Akfhenir Wind Farm

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The El Oued/Haouma/Akfhenir Wind Farm was a 200 MW project to be located approximately 30 kn east of Tangiers, Morocco. The developer and sponsor, Nareva Holding, was a local holding company with interests in a number of potential renewable energy projects in Morocco. As of April 2011, Nareva had signed an equipment supply contract with Siemens for 2.3 MW turbines. The project would sell power under the "Energie Pro" program, whereby The independent power producer identifies key recipients who commit themselves via a power purchase agreement to buy the amount of the estimated energy production. The transmission system operator receives a fee for the transmission of the power from the producer to the consumer. The project reached financial closure in December 2011. Debt financing was provided by local commercial banks Attijariwafa Bank and Banque Centrale Populaire de Maroc (a subsidiary of the French Banque Populaire). financial details were not released; a debt/equity ratio of 75/25 was assumed to give an equity investment of USD 85.75, with commercial debt providing USD 257.