ACWA Power and Masen Achieve Financial Close of NOORo II and NOORo III Projects, corresponding to Phase 2 of the NOORo Solar Complex in Ouarzazate, Morocco

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ACWA Power and Masen Achieve Financial Close of NOORo II and NOORo III Projects, corresponding to Phase 2 of the NOORo Solar Complex in Ouarzazate, Morocco

الثلاثاء, 19 مايو 2015

  • NOORo II project is a 200MW solar power plant based on concentrated solar power technology (CSP) using parabolic trough with 7.2 hours molten salt storage;
  • NOORo III project is a 150MW solar power plant based on concentrated solar power technology (CSP) using central tower with 8 hours molten salt storage;
  • Both projects constitute the 2nd phase of the NOORo Solar Complex in Ouarzazate, 500 km south of Rabat in the Kingdom of Morocco, which will be the largest solar power complex in the world. NOORo Solar Complex is promoted by Masen as part of the Moroccan Solar Plan NOORo to host a minimum of 2 gigawatts of solar power, equivalent to about 14 percent of Morocco’s installed generation capacity by 2020.
  • The total value of both projects of about USD 2.0 Billion will be funded on 80/20 debt to equity basis with debt entirely financed by Masen with lending funds secured from the African Development Bank, the “Agence Française de Développement”, the Clean Technology Fund, the European Commission, the European Investment Bank, Kreditanstalt für Wiederaufbau  and the World Bank.
  • A record of 35% of the total cost of the projects of industrial integration is expected to be achieved with remarkable impact on the generation of local employment and developing the community surrounding the projects.
  • The projects will serve to promote the “green approach” and will be saving approximately 1,108,600 tons of CO2.

Rabat – 19 May 2015:

A consortium led by ACWA Power, and including SENER as the technology provider, achieved financial close of the Independent Power Projects of NOORo II (200MW) and NOORo III (150MW). Both projects will start construction as soon as possible and will proceed in parallel.

ACWA Power submitted technical proposals in March 2014 and financial offers in September 2014 in a rigorous international tender, and having delivered the lowest combined tariff and a final bid compliant with the requirements of the request for proposals, was selected as Preferred Bidder on 9 January 2015. 25 years term PPAs

(Power Purchase Agreements) were signed between ACWA Power and Masen for both projects on 10 March 2015.

The Moroccan Agency for Solar Energy (Masen) will hold 25% of the equity in both projects. SENER will also be an equity investor in NOORo II.

A joint and several EPC consortium constituted by SENER and SEPCO III will construct both projects, which are expected to be in Commercial operation during Q3/Q4 2017.

The consortium of The First National Operation & Maintenance Company Ltd., (“NOMAC”, a fully owned subsidiary of ACWA Power), and Masen will undertake the operations and maintenance of the plants once the final commercial operation date is achieved.

Paddy Padmanathan, President and CEO of ACWA Power said: “NOORo I has always been special for ACWA Power – it was our first Greenfield renewable project and that too with a world record tariff at that time. We built on the success of NOORo I, to offer the most competitive solutions for NOORo II and NOORo III, and are particularly delighted to have now achieved financial close of these two projects. We are humbled to collaborate with MASEN and partake in this visionary and ambitious renewable energy program of Morocco, which aims to host 2 GW of solar power by 2020.”

Thamer Alsharhan, the Managing Director of ACWA Power, said: “Morocco is showing the way in building renewable energy eco-systems through a well-executed transparent competitive tendering process. NOORo II and NOORo III projects will add to the preservation of the environment, in addition to contributing to the socio-economic development of the local economy. Being the developer of NOORo I as well, this only demonstrates our renewed commitment to the Moroccan economy. “

Rajit Nanda, the Chief Investment Officer of ACWA Power, said: “It is to the credit of MASEN and the various counterparties that we could achieve the financial close of these complex transactions in a record time. The projects are a testament to the changing paradigm in the industry, and go a long way to again demonstrate that thermal solar technologies have their own place along with fossil fuel technologies and can deliver equal if not higher reliable and long term value to countries and developers.”

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