The National Office of Electricity and Drinking Water (ONEE) announced the completion of financing for the Al Wahda natural gas power plant, a strategic project requiring a total investment of 4.2 billion dirhams.
This financing was finalized under a document signed on Wednesday in Rabat by the Director General of ONEE, Tarik Hamane, on one side, and representatives of two debt funds “Flexenergy” and “Nord Energy,” and the banking consortium made up of Attijariwafa Bank and Bank Of Africa, on the other side.
Located in the province of Ouazzane, this project, which operates on natural gas as a transitional fuel, aims to support the massive integration of renewable energies with the goal of increasing their share in the electricity mix to over 52% before 2030, while providing the necessary flexibility to the national electrical system.
In a statement to MAP, Mr. Hamane indicated that this project is based on an innovative and diversified financing model, having tapped into capital markets, thus paving the way for new development perspectives for Morocco’s strategic infrastructures.
This structured financing revolves around two debt funds “Flexenergy” and “Nord Energy,” in addition to the contribution of the banking consortium composed of Attijariwafa Bank and Bank Of Africa.
This innovative scheme enhances the diversification of funding sources and positions the Office as a pioneering player in the use of debt funds for the development of strategic infrastructures, he explained, noting that the completion of financing for this plant perfectly illustrates the Office’s commitment to supporting the massive integration of renewable energies and strengthening the Kingdom’s energy security.
Beyond its energy benefits, he noted, the Al Wahda plant represents an important lever for socio-economic development for the province of Ouazzane, which will promote the creation of local jobs, both during the construction phase and during its operation, and stimulate industrial and logistical activity in the region.