Global law firm Ashurst has successfully advised the Moroccan Agency for Sustainable Energy (MASEN) and the Bank of Africa in financing the Noor Atlas photovoltaic solar program. This initiative involves the development of six solar power plants strategically located across Morocco, specifically in Aïn Béni Mathar, Boudnib, Bouanane, Enjil, Tata, and Tan-Tan. Collectively, these plants will have a significant installed capacity of 305 megawatts (MW).
The financing structure for this ambitious program is notably innovative. It combines concessional financing from the KfW Development Bank and the European Investment Bank with commercial financing from the Bank of Africa. This financing arrangement marks a crucial step in the ongoing development of Morocco’s renewable energy sector.
Boosting Renewable Energy in Morocco
The Noor Atlas project represents the second phase of the broader “Photovoltaic Solar Program” led by MASEN in collaboration with the Office National de l’Électricité et de l’Eau Potable (ONEE). This initiative aligns with Morocco’s national energy strategy, which aims to increase the share of renewable energy in the electricity mix to 52% by 2030. Projections indicate that Morocco may surpass this goal, potentially achieving nearly 60% renewable energy by that year.
Morocco is rapidly advancing its renewable energy initiatives, reinforcing its role as a key player in the energy transition across the African continent. The Noor Atlas project not only contributes to national energy goals but also demonstrates the country’s commitment to sustainable development, positioning it as a model for other nations.
The Ashurst team based in Casablanca was led by Managing Partner Ouns Lemseffer. The project saw contributions from Senior Associate Meriem Komiha, who focused on structuring the financing documentation, and Associate Silvija Jurgsaityte, who conducted the due diligence review of the project documentation. Additionally, Associate Yasmine Hitane played a crucial role in all aspects of the project leading up to its financial close, supported by Junior Associate Lilian Decot.
As Morocco continues to invest heavily in renewable energy, initiatives like the Noor Atlas project are vital for achieving the nation’s ambitious energy targets and ensuring a sustainable future.
