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EBRD to support Moroccan wind upgrade

Banking

The owner of one of Africa's oldest wind farms has secured financing to repower the facility to double its capacity to 100 megawatt (MW). The European Bank for Reconstruction and Development said it is co-financing the repowering of the Koudia Al Baida wind farm in the north of Morocco, by providing a senior loan of up to EUR 44 million (USD 45 million) to the Koudia Al Baida Energy Company.

The company is a special purpose vehicle (SPV) owned by the Moroccan Agency for Sustainable Energy (MASEN) and EDF Renewables.

The EBRD loan is part of a senior debt provided by a group of international and Moroccan banks: Société Générale, Attijariwafa Bank, Banque Centrale Populaire and Bank of Africa. EBRD will also provide a EUR 5 million loan, while the Climate Investment Funds' (CIF) Climate Technology Fund (CTF) will provide a EUR 4.5 million loan to MASEN to finance its equity contribution to the project SPV.

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