Attijariwafa Bank Finances EMEA Solar Energy Plant in Morocco’s Tangier
Rabat - AMEA Power, a Dubai-based clean power producer, said yesterday that its most recent green energy venture in Morocco is financed by Attijariwafa bank, the country’s largest banking group.
In collaboration with GPM Holding, AMEA Power has already launched construction works on the solar plant in Northern Morocco under a budget cover of $37 million, the website Renewables Now reported today. The 34-MW solar energy plant is EMEA Power’s first project in Morocco.
Once operational, the solar energy plant is expected to produce an annual power input of about 66,149 MWh, enough to meet the energy needs of over 19,200 annually.
The production input from the plant is to power the operations of local utility company Amendis, a subsidiary of Veolia Morocco, under a 25-year power purchase agreement (PPA). The company will use the energy input for drinking water and electricity distribution operations, noted Renewables Now’s report.
Back in April, EMEA Power announced winning the tender to build two solar power plants from Morocco’s Agency for Sustainable Energy (MASEN) and the Moroccan Ministry of Energy Transition and Sustainable Development. The two solar plants will produce a total of 72 MW.
The tender is part of the Noor PV II program, the second phase of a large-scale state vision to bolster Morocco’s green energy production capacity.
Through the program, Morocco aims to reach a total solar energy production capacity of 330 MW sourced from different sites.
Reaching this goal would bring Morocco closer to its target of raising the share of renewable energy in the national electricity consumption to 52% by 2030.
Morocco is “an important market,” EMEA said in a statement after securing the tender, adding that the country “has established itself as a regional leader in clean energy, advancing large-scale renewable energy projects.”