Saudi-based ACWA Power has inaugurated a 120 megawatt (MW) wind farm in Morocco to supply clean power to large industrial companies, mainly operating in the cement sector, at competitive prices, it said in a statement.
The $170 million Khalladi wind farm is a privately funded investment financed with equity from ACWA Power and ARIF investment fund 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).
The Khalladi project is expected to produce and supply 370 Gigawatt hours (GWh) of energy annually to industrial companies and will contribute to the reduction of more than 144,000 tons of CO2 emissions per year, the statement added.
The wind farm will contribute to increasing the renewable energy component of the energy mix to 42 percent in Morocco, which will achieve its target to develop 2,000 MW of wind capacity all by 2020.
“Today, we are proud of having been able to establish in Morocco a solid foundation of 7 power plants which will all be operational by the end of this year,” said Mohammad Abunayyan, ACWA Power chairman.
The wind farm project is 75 percent-owned by ACWA Power and 25 percent-owned by ARIF Fund, managed by Infra Invest.
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