- Total €49 million financing package from the EBRD and €4.5 million from the CTF to repower Koudia Al Baida wind farm in Morocco
- Investment to double the wind farm’s capacity and lead to significant CO2 emission reductions
- First wind-repowering project in Africa and for the EBRD
(PRESS RELEASE) LONDON, 19-Jul-2022 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, has announced a total EUR 49 million financing package and EUR 4.5 million from the Climate Investment Funds’ (CIF) Climate Technology Fund (CTF) for the capacity increase of Koudia Al Baida wind farm in Morocco, Africa’s oldest wind farm. The financing is supporting the country’s transition to a low-carbon economy.
The EBRD is providing a senior loan of up to €44 million, to the Koudia Al Baida Energy Company S.A., a special purpose vehicle (SPV) owned by the Moroccan Agency for Sustainable Energy (MASEN) and EDF Renewables. This is part of a senior debt provided by a group of international and Moroccan banks: Société Générale, Attijariwafa Bank, Banque Centrale Populaire and Bank of Africa.
EBRD will also provide a MAD 52 million loan (equivalent to €5 million), while the Climate Investment Funds’ (CIF) Climate Technology Fund (CTF) will provide a €4.5 million loan to MASEN to finance its equity contribution to the project SPV.
Through this investment, Koudia Al Baida will repower the existing 50 MW wind farm located in the Tlat Taghramt region near Tangier and increase its capacity to 100 MW.
Koudia Al Baida wind farm is the oldest utility-scale wind farm in Africa and Morocco’s first renewable independent power producer. It will also be the first wind-repowering project in Africa and for the Bank.
The renewable energy generated by the new farm will lead to CO2 emission reductions of circa 300,000 tonnes per year.
Managing Director of the EBRD’s Sustainable Infrastructure Group Nandita Parshad said: “The EBRD is very proud to support MASEN and EDF Renewables in the repowering of the Koudia Al Baida wind farm. This project demonstrates the long-term opportunity for renewables to play an important role in the decarbonisation and increased competitiveness of Morocco’s economy. We at the EBRD are very pleased to be actively contributing to the scaling up of Morocco’s renewables together with MASEN, the Office National de l’Electricité, électrification rurale (ONEE) and all the key stakeholders.”
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested more than €3.5 billion in the country through 88 projects.
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