BANK OF AFRICA announces its participation in the financing and arrangement of the Noor Atlas project, a major program dedicated to the development of photovoltaic solar power plants in Morocco. This initiative aligns with the national dynamic of energy transition and the enhancement of electricity production from renewable sources.
The project aims to construct, commission, and operate six photovoltaic solar power plants located in Ain Beni Mathar, Bouanane, Boudnib, Enjil, Tan-Tan, and Tata. These installations will collectively represent a total capacity of 240 MWac, thereby strengthening the Kingdom’s energy mix.
Led by MASEN, the Moroccan Agency for Sustainable Energy, the program comprises a total investment of approximately 2.8 billion dirhams. The financial structure combines multiple funding sources, including loans from BANK OF AFRICA and MASEN. Part of the mobilized resources also comes from concessional financing provided by international institutions, notably the German bank KfW and the European Investment Bank.
The electricity produced by these plants will be sold to the National Office of Electricity and Drinking Water (ONEE) under long-term power purchase agreements, thus ensuring the economic model’s stability.
The financial closing, finalized on January 13, 2026, marks a significant milestone in the implementation of this energy program. It paves the way for the operational launch of the various development phases of the solar plants planned within the project.
Through this participation, BANK OF AFRICA reaffirms its commitment to financing sustainable infrastructure and its involvement in projects contributing to Morocco’s energy transition. The bank intends to continue supporting structural initiatives that promote the development of renewable energies and the transformation of the national energy model.
