Nareva Tarfaya Wind Farm

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A joint venture of Nareva Holdings and International Power was formed in order to develop renewable energy projects in Morocco. The first of which was the 300 MW Tarfaya Wind Farm, to be located in Tarfaya, Morocco. In April 2011, the state utility Office National de l’Electricite (ONE) signed a 20-year power purchase agreement (PPA) with International Power and Nareva Holding for a 300 MW wind farm at Tarfaya. The 2.3MW turbines were supplied by Siemens (ETR:SIE). Commissioning was expected for 2014. The load factor was expected to be 45%. According to a news agency, the price for the 20-year PPA has been fixed at MD 7.548 ($0.0863) per kWh. Attijariwafa Bank and the Moroccan subsidiary of Banque Populaire Group have financially backed the project which will be financed on a 75:25 debt:equity basis (USD 350 million/117 million), with the two sponsors investing half of the equity each. the project reached financial close in August 2012. Construction started 8 February 2013. http://www.windpowerintelligence.com/article/7I1fdBIhKCw/2011/04/26/morocco_state_utility_signs_ppa_for_300_mw_wind_farm/ http://www.windpowermonthly.com/news/rss/1146275/Progress-delayed-Tarfaya-project/