The Noor Atlas photovoltaic program, comprising six solar power plants with a cumulative installed capacity of 305 MW, has been officially launched in Morocco. The Office national de l'électricité et de l'eau potable (ONEE) and the Agence marocaine pour l'énergie durable (MASEN) announced the signing of Power Purchase Agreements (PPAs) and the commencement of construction. The project, financed by concessional loans from KfW and the European Investment Bank, along with commercial financing from Bank of Africa, aims to strengthen Morocco's renewable energy production and is expected to be operational from July 2027.
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Counterparts (5)
Lender
KfW
company
KfW is a German state-owned development bank that provides financing for infrastructure projects, energy transition, and social development both in Germany and internationally. It focuses on promoting sustainable development and climate protection through its various financing programs and initiatives.
B
Banque Européenne d'Investissement
company
Luxembourg-based public financial institution of the European Union, owned by its member states, providing long-term finance for projects supporting EU policies. With a balance sheet of over €570 billion, it is one of the largest multilateral lenders globally, focusing on climate action, innovation, infrastructure, and SMEs across Europe and beyond.
Bank of Africa
company
Bank of Africa, part of the BMCE Bank of Africa Group, is a leading pan-African banking institution headquartered in Casablanca, Morocco, with a vast network across over 30 countries. It provides a full range of banking services, including corporate and investment banking, supporting various infrastructure sectors.
Deal Analysis
Morocco is advancing its clean energy goals, launching construction on the 305 MW Noor Atlas solar program across six sites. The project, developed by MASEN with ONEE as off-taker, secured a blended financing package, notably including concessional loans from German development bank KfW and the European Investment Bank, complemented by commercial debt from Bank of Africa. This multi-source funding, announced alongside PPA signings, aims to significantly strengthen the nation's renewable energy production. The full 305 MW capacity is slated to come online by July 2027.
- 305 MW solar capacity across six plants.
- Concessional financing from KfW and European Investment Bank.
- Commercial debt provided by Bank of Africa.
- Target operational date: July 2027.
Global Infrastructure Sherpa