Astronergy Team Up with ACWA Power to develop 170MW solar in Morocco
Moroccan Agency for Solar Energy (MASEN) has selected Astronergy and Saudi Arabian power engineering firm ACWA Power to develop three solar plants with a combined capacity of 170MW as part of the NOOR PV I project in Morocco.
With ACWA Power leading and Astronergy providing technical support, the two firms will design, finance, construct, operate, and maintain the NOOR PV I program, having been selected via an international call for proposals.
ACWA Power has also won various capacities in the Middle East over the last 18 months often with world-beating solar tariffs.
MASEN has also signed contracts with KfW bank for €60 million (US$64 million) to help finance the project. The three projects will also be financed by the first green bonds in Morocco, set to be issued by MASEN for a sum of MAD1.15 billion and underwritten by Al Barid Bank, Attijariwafa Bank, the CMR, and the SCR.
The three planned PV plants include:
• NOOR Ouarzazate IV, 70MW
• NOOR Laayoune, 80MW
• NOOR Boujdour, 20MW
All projects are expected to reach completion by 2019. They are part of the country’s wider Solar Energy Programme which has an ambitious target of reaching 2GW of solar power capacity by 2020 and 52 percent of its energy generation from renewable sources by 2030.