Saudi ACWA Power Starts Operating Wind Field North Morocco

Saudi ACWA Power Starts Operating Wind Field North Morocco
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Saudi ACWA Power Starts Operating Wind Field North Morocco

Saudi ACWA Power Starts Operating Wind Field North Morocco

Saudi Arabia's ACWA Power Group has announced the operation of Khalladi wind power plant, located at the top of Jbel Sendouq, 30 km from Tangiers.

The Khalladi wind power plant is the first ACWA Power project to be developed within the framework of Law 13-09 on renewable energies.

The law encourages the development of renewable sources in order to promote energy security and access, sustainable development, and integration of Morocco’s renewable energy production with other markets.

ACWA Power Khalladi is the second private company to launch a large wind farm within the framework of this law.

The 120 MW Khalladi wind power plant consists of 40 wind turbines of three MW each. Each turbine is installed on a tower of 80 meters and equipped with three blades of 45 meters.

The first turbines start power supply immediately. Over the next four months, additional turbines will become operational until full capacity of 120MW is met.

The plant will produce around 380 GWh annually, directly powering major industrial customers connected to the high voltage network. Power generation at the wind farm will be equivalent to the yearly average consumption of a city of 400,000 people.

ACWA Power Khalladi, which has been implemented since 2014, is 75 percent owned by ACWA Power and 25 percent owned by ARIF (Argan Infrastructure Fund managed by Infra Invest).

The MAD 1.7 billion dirhams worth project was financed under a long-term debt, mainly with the contribution of the European Bank for Reconstruction and Development (EBRD) in collaboration with the Clean Technology Fund (CTF) and the Moroccan BMCE Bank of Africa.

This is the first renewable energy project to be financed by the EBRD in Morocco, based only on contractual funding without any financial support.



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.