Morocco: Saham Insurance Joins Khalladi Wind Farm Capital

Saham Assurances acquired 24% of the capital of Khalladi Wind Farm. The announcement was made Monday, March 11 via a statement from ACWA Power that develops the project in partnership with the ARIF Investment Fund.

This stake, it is said, will allow the insurer to sit on the Board of Directors of Khalladi Park located in Jbel Sendouq 30 km from Tangier, and required an investment of 1.7 billion dirhams.

Inaugurated in June 2018, the Khalladi wind farm project is a completely private investment project, financed by equity from ACWA Power and Arif and by long-term debt from the European Bank for Reconstruction and Development ( EBRD) in collaboration with the Clean Technology Fund (CTF) and the BMCE Bank of Africa. It has a capacity of 120 MW, and contributes to the reduction of more than 144,000 tons of CO2 emissions per year.

According to the ACWA Power press release, the latter remains the reference shareholder of the park with 51% of the capital, and will continue to manage operations and maintenance through NOMAC, its dedicated subsidiary.

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