09/09/2020 | Press release | Distributed by Public on 09/09/2020 01:10
Paris/Rabat, September, 9th 2020 - EDF Renewables, one of the world leaders in renewable energy, and Mitsui & Co. Ltd., a global trading and investment company with a diversified business portfolio, are announcing the start of the construction work of the first phase of the Taza wind farm, which lies around 15 km north-west of Taza in northern Morocco. This first phase of the wind farm, consisting of 27 wind turbines, will have a total capacity of 87 MW.
The project benefits from a 20-year Power Purchase Agreement (PPA) with the National Office of Electricity and Drinking Water (ONEE) and the Moroccan Agency for Sustainable Energy (MASEN).
This milestone follows the establishment of the financing provided by the Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), Sumitomo Mitsui Banking Corporation (SMBC), MUFG Bank, Ltd., as well as the Moroccan bank Bank of Africa, and the execution of the necessary agreements with the relevant Moroccan public entities: ONEE and MASEN.
Partners EDF Renewables and Mitsui & Co., Ltd. will respectively represent 60% and 40% of the private interests in the project. The Moroccan public part - from the ONEE, MASEN and the Hassan II Fund, established in 2000 to support investment in Morocco's infrastructure and structuring projects - could hold up to 35% of the project company's capital.
During the construction phase, around 500 people will work on the project, and throughout its life operation, the Taza wind farm will contribute to the region's social and economic development.
Upon entry into service, beginning 2022, the power generated will be equivalent to the annual consumption of 350,000 people, i.e. 70% of the population of Taza Province.
This future Taza wind farm is part of the Kingdom of Morocco's strategy, which aims at increasing renewables' share to 52 % of electricity production by 2030.
Bruno Bensasson, EDF Group Senior Executive Vice-President Renewable Energies and Chief Executive Officer of EDF Renewables, declared: 'We are delighted to move forward with to the construction phase of the Taza wind farm together with Mitsui & Co., Ltd. our consortium partner. We would like to thank the Kingdom of Morocco, its administrative services, the local authorities and our partners, especially the ONEE and MASEN for the trust and the support they have placed in us throughout the development of the project despite the health crisis we are going through.This wind farm demonstrates our commitment to supporting the Kingdom of Morocco's energy transition. The project fits with the goals in the EDF Group's 2030 CAP strategic plan of doubling its renewable energy capacity worldwide from 28 GW to 50 GW nets, between 2015 and 2030.'
Kazumasa Nakai, COO of Infrastructure Projects Business Unit, added: 'We are pleased to inform to start the construction of the Taza Project together with EDF Renewables. Mitsui &Co., Ltd. has been dedicated to several investments in Morocco and as the Taza Project is the first investment for Mitsui in Renewable Energy sector in Africa, we are honoured to say that Mitsui &Co., Ltd. will keep contributing to Moroccan energy strategy, including the achievement of 52% of Renewable Energy by 2030. We would like to sincerely thank all the parties which have been involved in this project for a long time, and to seek further possibilities to collaborate together for the development of Morocco.'
About EDF Renewables
EDF Renewables is a leading international player in renewable energies, with gross installed capacity of 13,2 GW worldwide. Its development is mainly focused on wind and solar photovoltaic power. EDF Renewables operates mostly in Europe and North America but is continuing to grow by moving into promising emerging regions such as Brazil, China, India, South Africa and the Middle East. The company has strong positions in offshore wind power, but also in other areas of the renewable energies industry such as energy storage. EDF Renewables develops, builds, operates and maintains renewable energies projects, both for itself and for third parties. Most of its international subsidiaries bear the EDF Renewables brand. EDF Renewables is the EDF Group subsidiary specialising in developing solar and wind power.
For more information, visit: www.edf-renewables.com
Follow us on LinkedIn: https://www.linkedin.com/company/edf-renewables and on Twitter (@EDF_RE in French and @EDF_Renewables in English).
Manon de Cassini-Hérail ▪ Tel.: +33 (0)1 40 90 48 22 ▪ Email: [email protected]
About Mitsui & Co Ltd.
Drawing on our global operational centers, network and information sources, Mitsui operates multilaterally in activities ranging from product sales, logistics and international financing, to the development of major international infrastructure and other projects in the following areas: Iron and Steel Products, Mineral Resources and Metals, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food and Services, Consumer Services, Innovation and Development.