Norton Rose Fulbright advises MASEN on solar programme and first green bond in Morocco

Business November 23, 2016

Global law firm Norton Rose Fulbright has advised the Moroccan Agency for Sustainable Energy (Masen) on the NOOR PV I Programme which is part of Morocco's successful solar vision.

The NOOR PV I Programme, comprising three separate PV projects, NOOR Ouarzazate IV, NOOR Laâyoune and NOOR Boujdour, will have a combined capacity of 170MW. The projects have been financed by Masen with support from KfW (in respect of NOORo IV) and the proceeds of the first green bond issuance in Morocco. The private sector partner is ACWA Power, the leading Saudi-based electricity company.

The Programme is the latest round of procurement in Morocco’s Solar Plan, which aims to install a minimum of 2000 MW of solar by 2020. It is being implemented by Masen through international tenders for independent power projects (IPPs), structured on a build, own, operate and transfer basis with Masen as a minority shareholder.

Simon Currie, global head of energy, Norton Rose Fulbright, comments:

“The unique features of the Masen programme have driven down the cost of solar thermal and PV projects to levels which are competitive with other forms of electricity generation. We predict that Morocco's sun will be powering Europe and Sub Saharan Africa in the years to come”.

Anne Lapierre, head of energy for Europe, Middle East and Africa, Norton Rose Fulbright, comments:

“Masen’s innovative financing model is likely to be seen as a blueprint for future transactions in the region. Indeed Masen recently signed a renewable co-development agreement with Senegal and another one with Djibouti. There is no doubt that the innovative structuring and financings Masen is creating in Morocco will be exported as a model further south in Sub Saharan Africa.”

The team for NOOR PV I included lawyers from our Casablanca, Paris, London and Sydney offices and was led by Masen relationship partner Alain Malek supported by Simon Currie, Anne Lapierre and Richard Hill. The lead associate was Souâde Messaoudi (also in charge of procurement and corporate aspects), and the team also included Adnen Ben Naser and Sylvaine Ruet (power purchase arrangements), Kate Kortenbout, Michael Poole and Santiago Ross (construction), and Rosa Mottershead and Elsa Weatherley-Godard (finance).

The team advising on the green bond was led by Alain Malek and included Anne-Laure Bernard Bouissières, Souâde Messaoudi and Ismaël Sinaceur.

Norton Rose Fulbright is also advising Masen on the next phase of its Solar Plan - NOOR Midelt Phase I which comprises two 400MW CSP/PV hybrid projects, which will be the largest hybrid projects in the world.

For further information on the NOOR project:

For further information please contact:

Meeta Vadher, Senior PR Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595 886 276

Carole Guettier, Senior Business Development Manager
Tel: + 33 (0)1 56 59 52 75

Notes for editors:

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