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Saudi Arabia’s ACWA Power has achieved financial close on two concentrated solar power (CSP) plants expected to cost $2bn combined, which will add 350MW capacity at the Noor project at Ouarzazate. Funding will be on an 80:20 debt to equity basis.
The Moroccan Agency for Solar Energy (Masen) awarded the 200MW Noor 2 and 150MW Noor 3 projects to ACWA and Spain’s Sener with a view to 2017 start-up. Masen also plans to build a 50MW solar photovoltaic (PV) unit at the site – Noor 4.
ACWA says the debt part of the package will be “entirely financed by Masen” with funds from the African Development Bank, the Agence Française de Développement, the multi-donor Clean Technology Fund, the European Commission, the European Investment Bank, Kreditanstalt für Wideraufbau and the World Bank.
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