Noor Midelt Solar project: Masdar (EBRD-50421)

Countries
  • Morocco
Where the impacts of the investment may be experienced.
Specific Location
Midelt, Eastern Morocco
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 18, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.12 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported Up to EUR 45,000,000
Converted using 2019-08-14 exchange rate.
Project Cost (USD)
$ 824.62 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 740,000,000
Converted using 2019-08-14 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 16, 2019

Disclosed by Bank Aug 14, 2019


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Project Description

According to bank documents, the project involves provision of a multi-currency loan to finance the construction and operation of a hybrid solar plant combining photovoltaic (PV), concentrated solar power (CSP) and thermal and battery storage technologies with 800 MW of installed capacity and 5 hours of energy storage, located in the region of Midelt, Eastern Morocco.

Noor Midelt is one of the first projects in the world to address both the intermittency of solar energy and the affordability of thermal energy storage through hybrid PV / CSP technology.

The project has a technical cooperation component; EUR 295,000 Policy dialogue TC funded by the Bank's Shareholder Special Fund in coordination with the Ministry of Energy and Sustainable Development of Morocco for the preparation of an electricity grid code.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

The Borrower is a special purpose vehicle incorporated in Morocco for the sole purpose of developing, constructing and operating the Project. The Borrower is ultimately 75% owned by the consortium of EDF EN 35%, Masdar 30%, and Green of Africa 10%, and 25% by MASEN, the Moroccan Agency for Sustainable Energy.

Loan guarantor: Abu Dhabi Future Energy Company PJSC - Masdar (Masdar)

Masdar is a global leader in renewable energy and sustainable urban development. It was established in 2006 as a strategic government initiative to invest, incubate and establish new energy industry in Abu Dhabi and around the world. Masdar is fully owned by Mubadala Investment Company, an investment company established and fully owned by the Government of Abu Dhabi.

Contact Information

Mohammed Alshehhi / Abrar Umer
malshehhi@masdar.ae / aumer@masdar.ae
+971 2 653 3333
+971 2 653 0002
http://www.masdar.ae 
PO Box 54115, Abu Dhabi, UAE

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.