ONEE Finalizes Financing for the Al Wahda Natural Gas Power Plant
ONEE Secures Funding for Strategic Al Wahda Natural Gas Power Plant
The National Office of Electricity and Drinking Water (ONEE) has announced the completion of financing for the Al Wahda natural gas power plant, a strategic project valued at a total of 4.2 billion dirhams. This financing was secured through the signing of a document on Wednesday in Rabat, between Tarik Hamane, the Director General of ONEE, and representatives from the debt funds "Flexenergy" and "Nord Energy," along with the banking consortium comprising Attijariwafa Bank and Bank Of Africa.
Located in the province of Ouazzane, this project utilizes natural gas as a transitional fuel and aims to support the massive integration of renewable energies. The goal is to achieve over 52% of renewable energy in the national electricity mix by 2030, while also providing the necessary flexibility to the Kingdom’s electric system.
In a statement to MAP, Mr. Hamane clarified that this project is based on an innovative and diversified financing model, leveraging capital markets. This approach opens new avenues for the development of Morocco’s strategic infrastructure.
The structured financing includes two debt funds, "Flexenergy" and "Nord Energy," alongside contributions from the banking consortium formed by Attijariwafa Bank and Bank Of Africa. This innovative model allows for the diversification of funding sources and positions ONEE as a pioneering player in utilizing debt funds for the development of strategic infrastructure, Mr. Hamane added.
Beyond its energy benefits, the Al Wahda power plant also represents a significant lever for the socio-economic development of the province of Ouazzane. It will promote the creation of local jobs, both during the construction phase and when the plant becomes operational, while also boosting the industrial and logistical activity in the region.
