Noor PV I Solar Trio

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The project envisages the development of three solar plants in the regions of Draa-Tafilalet and Laayoune-Sakia El Hamra. The plants are Boujdour (19MW), Ouarzazate (72MW) and Laayoune (86MW). Saudi developer ACWA Power was selected preferred bidder after a competitive bidding process based on lowest tariff per Kwh. Equity investors in the projects, besides ACWA Power with 70 per cent, are Moroccan Agency for Solar Energy (25 per cent) and Chint Group (5 per cent). This is a greenfield project launched under BOOT modality with a 20-year concession period. The output of the solar plants will be sold to Moroccan Agency for Solar Energy under a 20-year power purchase agreement. Total investment is estimated at $220 million being financed via 82:18 debt to equity. Debt comprises $65 million project financing arranged by KfW. The project also relies on green bond financing issued in November 2016 and having a total amount of approximately $116 million. The Moroccan Agency for Solar Energy (Masen) has issued Morocco's first green bond to help to finance the country's development of solar power Moroccan Agency for Solar Energy holds 25%,and Chint Group 5%;