Solar power in Marrakech. Author: Ministry of Natural Resources - Rwanda.
Construction started on Saturday of the 72-MW NOOR Ouarzazate IV solar photovoltaic (PV) park in Morocco, to be built by ACWA Power and partners.
Completion is planned by the end of April 2018, Saudi Arabian project developer ACWA Power said in the weekend. Sterling & Wilson Ltd, Shapoorji Pallonji and Chint Solar have been awarded a delivery, procurement and construction contract.
The ACWA-led consortium won the build, operate, own and transfer (BOOT) project last year with a bid of MAD 0.4614 (USD 0.046/EUR 0.043) per kWh.
The Moroccan Agency for Sustainable Energy (Masen), which holds a stake in the solar scheme and serves as the entity that will buy the power, is also the sole lender to the USD-220-million (EUR 206m) project. The agency in November announced a green bond issuance to finance a portion of the Ouarzazate IV project and other solar investments. It said at the time that Germany’s KfW Bankengruppe is providing EUR 60 million under a financing contract signed with Masen.
Morocco’s NOOR Solar Plan targets about 2 GW of solar capacity by 2020.