Noor Midelt I solar scheme seals DFI-backed loan
Sponsors of the 800MW Noor Midelt I CSP/PV project in central Morocco – EDF (35%), Masdar (30%), Green of Africa (10%) and Masen (25%) – have reached full financial close on a DFI-backed loan to fund the scheme.
The €740 million ($802 million) project, located 20km north of the town of Midelt and backed by a 25-year PPA with sponsor-offtaker Masen, was awarded to the EDF-led team on 21 May 2019 from a winning bid of $0.069/kWh. ACWA Power placed second in the tender having bid $0.099/kWh. Spanish engineers TSK are technology suppliers and EPC contractors for the project.
A $6412 million debt package will be heavily backed by DFIs lending to Masen which in turn on-lends to the project company. DFIs on the deal are AfDB – $240 million, Agence Francaise de Development – $852 million, EBRD– €45 million, EIB – €387 million, the government of France – $80 million, KfW – $852 million, World Bank – $125 million, International Bank for Reconstruction and Development (IBRD) – $100 million, and Clean Technology Fund – $25 million
KfW put the estimated investment cost for the multi-phase Midelt solar park at €2.2 billion when it first committed to the programme in 2015, but costs have likely increased as the first phase power output was upscaled considerably over time. The 230MW Noor Midelt II CSP/PV is at RFQ stage but has seen numerous extensions to the bid deadline since being launched in July 2019.
