Leading global law firm Baker McKenzie advised Moroccan utility Office National de l’Électricité et de l’Eau Potable (ONEE) on the on the €230 million, 180MW Midelt Wind Farm in Morocco, which reached financial close on 8 November 2018, with a sponsor consortium of ENEL Green Power (ITA) and Nareva Holding (MOR) and ONEE. The financing was provided to the ONEE by international institutions including KfW, EU and the EIB and on-lent by the ONEE to the project company. ONEE will purchase electricity produced by the wind farm under a 20-year PPA. This is the first of five projects under the €1 billion, 850W Integrated Wind Program (IWP) to reach financial close.
The program consists of the development, construction, financing and operation of five projects on an IPP basis across Morocco. The other four projects (which were awarded to the same sponsor consortium) are:
- Boujdour – 300MW
- Essaouira – 200MW
- Tangier – 70MW
- Tiskrad – 100MW
Baker McKenzie has been advising the ONEE on all legal aspects of the program since its inception in 2012, including the RFP and all project and financing documentation. The Baker McKenzie team is led from London by global Co-Head of Renewable Energy Marc Fèvre, supported by Senior Associate Olympe Bory, together with Partners Kamal Nasrollah in Casablanca and Cyril Tour in Paris.
Commenting on the projects Partner Marc Fèvre says: "This is the most significant wind farm program undertaken in Morocco and one of the most significant wind power developments on an IPP basis internationally. This deal showcases our industry specialisation as well as our experience of advising on first-in-kind projects in emerging markets generally and Africa in particular."