November 7 (Renewables Now) - Italian energy major Enel SpA (BIT:ENEl) on Monday announced financial close on a project for the construction of a 180-MW wind farm in Morocco.
The park is to be completed in 24 months, Enel said. The investment in this wind farm amounts to MAD 2.5 billion (USD 264.4m/EUR 230.1m), to be covered by equity from the shareholders and debt financing from Moroccan electricity and water utility company ONEE. The latter has previously secured funds for its wind energy plans from the German Development Bank (KfW), the European Investment Bank (EIB) and the European Commission.
Enel Green Power is partnering in the 180-MW project with Moroccan independent power producer Nareva. ONEE, the power offtaker under a 20-year power purchase agreement (PPA), also holds a stake in the project vehicle, Midelt Wind Farm SA. Siemens Gamesa Renewable Energy SA (BME:SGRE) is the turbine supplier. Enel said it will a significant portion of the equipment, such as blades and towers, will be manufactured in Morocco.
Located in Midelt, the wind park will be part of the 850-MW Projet Eolien Integre complex, awarded through a tender to Enel and Nareva's consortium.
Once operational, the Midelt wind farm is expected to produce enough energy to power a city with 500,000 inhabitants, while offsetting about 400,000 tonnes of carbon dioxide (CO2) emissions per year.
(MAD 10 = USD 1.06/EUR 0.92)