Environment & Energy | Thursday 21 May, 2015 8:03 am |

(Power Purchase Agreements) were signed between ACWA Power and Masen for both projects on 10 March 2015.
The Moroccan Agency for Solar Energy (Masen) will hold 25% of the equity in both projects. SENER will also be an equity investor in NOORo II.
A joint and several EPC consortium constituted by SENER and SEPCO III will construct both projects, which are expected to be in Commercial operation during Q3/Q4 2017.
The consortium of The First National Operation & Maintenance Company Ltd., (“NOMAC”, a fully owned subsidiary of ACWA Power), and Masen will undertake the operations and maintenance of the plants once the final commercial operation date is achieved.

Paddy Padmanathan, President and CEO of ACWA Power said: “NOORo I has always been special for ACWA Power – it was our first Greenfield renewable project and that too with a world record tariff at that time. We built on the success of NOORo I, to offer the most competitive solutions for NOORo II and NOORo III, and are particularly delighted to have now achieved financial close of these two projects. We are humbled to collaborate with MASEN and partake in this visionary and ambitious renewable energy program of Morocco, which aims to host 2 GW of solar power by 2020.”

Thamer Alsharhan, the Managing Director of ACWA Power, said: "Morocco is showing the way in building renewable energy eco-systems through a well-executed transparent competitive tendering process. NOORo II and NOORo III projects will add to the preservation of the environment, in addition to contributing to the socio-economic development of the local economy. Being the developer of NOORo I as well, this only demonstrates our renewed commitment to the Moroccan economy. "

Rajit Nanda, the Chief Investment Officer of ACWA Power, said: "It is to the credit of MASEN and the various counterparties that we could achieve the financial close of these complex transactions in a record time. The projects are a testament to the changing paradigm in the industry, and go a long way to again demonstrate that thermal solar technologies have their own place along with fossil fuel technologies and can deliver equal if not higher reliable and long term value to countries and developers.”