Posted by: ESI Africa
The inauguration of the Khalladi wind farm marks the official launch of the European Bank for Reconstruction and Development’s (EBRD) first private renewable project financed in Morocco.
In 2015, the EBRD, the Banque Marocaine du Commerce Exterieur and the Climate Investment Funds’ Clean Technology Fund extended a loan of €120 million ($140 million) to the project company ACWA Power Khalladi, without state support.
The funding went towards the development and construction of the wind farm, which began generating power in December 2017 and is now fully operational.
The Khalladi Wind Farm is one of the first private renewable energy projects in the country developed under a renewable energy law that allows private producers to sell electricity directly to clients connected to the high voltage and medium voltage grids, most of which are industrial companies.
“We are extremely pleased to have taken part in the financing of the Khalladi wind farm. This is a landmark project in particular because it does not rely on government support but instead is selling power in a competitive environment, demonstrating that clean, renewable power has really come of age,” said Harry Boyd-Carpenter, EBRD’s head of power and energy utilities.
Boyd-Carpenter added: “We are very grateful to the support from the Clean Technology Fund and the Global Environment Facility for this project. We are also delighted to partner again with ACWA, who have been at the forefront of driving renewable energy to grid competitiveness across different countries and different technologies.”
Khalladi Wind Farm
The completed wind farm has 40 wind turbines with a total capacity of 120MW, will produce around 380GWh per year to be sold to large industries, and is expected to reduce greenhouse gas emissions by over 200,000 tonnes of CO2 per year.
Paddy Padmanathan, President & CEO of ACWA Power, said: “To fulfil our mission to deliver renewable energy at the lowest possible cost to the industries and people of the Kingdom and to also add value to social and economic development of the country and the communities within which our power plants are located by maximising local content and local employment creation and by contributing to community development we need committed financing partners like EBRD who provide not just the funds but who also share our vision. We are also proud that EBRD selected this project for their first participation in the renewable energy sector in the Kingdom.”