Enel Green Power and Nareva sign all financing agreements to start construction of 180 MW wind project in Morocco

The Moroccan utility ONEE (Office National de l'Electricité et de l'Eau Potable), the Moroccan Agency for Sustainable Energy (“MASEN”) and Midelt Wind Farm SA, a vehicle company owned by ONEE itself and by a consortium formed by Enel Green Power (“EGP”) and the Moroccan independent power producer Nareva, announced that they have signed all financing agreements, also known as “financial close”, to start construction of the first of the wind farms included in the 850 MW Projet Éolien Intégré, which will be built in Midelt. The new wind farm, whose capacity amounts to 180 MW, is expected to be completed in 24 months. The 850 MW Projet Éolien Intégré was awarded to the consortium formed by EGP and Nareva, following an international tender.

The blades and towers, will be manufactured in Morocco with the support of Siemens Gamesa, the exclusive supplier of wind turbines for the project. Once the Midelt wind farm enters into service, the electricity produced will be sold to ONEE on the basis of a 20-year PPA. The Midelt facility is expected to produce the same amount of energy required to power a city like Agadir, with 500,000 inhabitants, as well as avoiding the annual emission of about 400,000 tonnes of CO₂ into the atmosphere.

The total investment in the Midelt wind farm amounts to 2.5 billion Moroccan dirhams (US$263.5 million) and is financed through equity investments from shareholders as well as debt financing from ONEE. ONEE raised financing from the German Development Bank (KfW), the European Investment Bank (EIB) and the European Commission before handing them over to Midelt Wind Farm.

From the beginning of the plant’s construction, and throughout its operation, the Midelt wind farm is set to contribute to the economic and social development of Morocco, and particularly that of the Midelt region, notably in terms of job creation and use of local services.

The other four wind farms included in the Projet Éolien Intégré, namely Tiskrad, Tanger, Jbel Lahdid and Boujdour, will be developed according to the project schedule that was agreed by the partners.