A consortium led by ACWA Power have reached financial close on Khalladi Wind Farm, a 120MW facility located near Tangiers in northern Morocco, on November 27, 2015.
The construction of the 40 vestas V90-3MW turbine site is due to start this year, and will be one of the first projects developed under The Moroccan Renewable Energy Law 13-09 that promotes energy production from renewable sources by private entities. The plant’s output will be sold to three large industrial clients, with 15% reserved for national utility company ONEE.
The project is partially financed by bank loans from the European Bank for Reconstruction and Development (EBRD) and local Banque Marocaine du Commerce Exterieur (BMCE). The equity will be provided by a consortium comprised of ACWA Power (70%), Argan Infrastructure Fund (25%) and UPC Renewables North Africa (5%).
On behalf of the ACWA Power consortium, Operis was pleased to provide an audit of the financial model representing the transaction which included a full review of the model’s tax and accounting treatments.