Global law firm Ashurst has advised Moroccan Agency for Sustainable Energy (MASEN) and Bank of Africa in their capacities as senior lenders in the financing of six photovoltaic solar power plants located in various regions of the Kingdom, located at the sites of Aïn Béni Mathar (Jerada Province), Boudnib (Errachidia Province), Bouanane (Figuig Province), Enjil (Boulemane Province), Tata (Tata Province), and Tan-Tan (Tan-Tan Province), with a combined installed capacity of 305 MW.
The financing of the program is based on an unprecedented and innovative structure combining concessional financing provided by KfW and the European Investment Bank, as well as commercial financing provided by Bank of Africa.
This strategic project constitutes the second phase of the "Photovoltaic Solar Program" led by MASEN and ONEE. It fully aligns with the national energy strategy aimed at increasing the share of renewable energy to 52% of the electricity mix by 2030, thereby confirming Morocco's position as a major player in the energy transition on the African continent. Morocco is accelerating the pace with the massive development of renewable energies, with projections suggesting a significant overshoot, with a level that could reach nearly 60% renewable energy in the energy mix by 2030.
The Ashurst Casablanca team was led by Ouns Lemseffer (Managing Partner) and comprised Meriem Komiha (Senior Associate) on the structuring of the financing documentation and Silvija Jurgsaityte (Associate) on the due diligence review of the project documentation. Yasmine Hitane (Associate) was involved in all aspects of the project through to financial close, assisted by Lilian Decot (Junior Associate).
