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International Consortium Wins Morocco’s ‘Noor Midelt 1’ Solar Deal

Morocco’s Noor Ouarzazate solar plant. (Reuters)
Morocco’s Noor Ouarzazate solar plant. (Reuters)
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International Consortium Wins Morocco’s ‘Noor Midelt 1’ Solar Deal

Morocco’s Noor Ouarzazate solar plant. (Reuters)
Morocco’s Noor Ouarzazate solar plant. (Reuters)

A consortium led by French EDF Renewables won a tender to build an 800 megawatt solar plant near the Moroccan city of Midelt.

The consortium to build the AED7.57 billion ($797 million) plant also includes UAE’s Masdar and Morocco’s Green Energy of Africa.

“We are satisfied with the results of this bid process and confident in the capabilities of this consortium to manage this project, which will constitute a technological break-up project and change the features of Midelt and Ouarzazate cities,” said Mustapha Bakkoury, chairman of the executive management of the Moroccan Agency for Sustainable Energy (Masen), which oversaw the deal.

The project is funded by several international institutions, namely the European Investment Bank, the German bank of KfW, the French Development Agency, the European Commission, the World Bank, the African Development Bank and the Clean Technology Fund.

Dubbed Noor Midelt 1, the plant will use a hybrid system of concentrated solar plant (CSP) and photovoltaic (PV) technologies to produce 800 MW of renewable energy, with a storage capacity of five hours.

The hybrid technology will optimize energy production, leading to competitive pricing (AED0.68 per Kw/hr at peak time).

The project is part of the Noor solar plant project that was launched by King Mohammed VI and will be larger than the already operating 580 MW Noor Ouarzazate CSP plant in southeastern Morocco, which was completed by Saudi ACWA Power, Masen said in a statement.

It is the first phase of a new multi-technology solar module in Midelt and is part of Morocco's ambitious goal to produce 42 percent of its electrical power from renewable energy by 2020 and 52 percent by 2030.

According to the statement, construction will start in autumn 2019. Preliminary infrastructure works in the area have already been completed, including the construction of a 40km road allowing access to the complex, and the installation of a 50km long electric cable.

Moroccan companies carried out the preliminary works, creating over 300 jobs, it noted.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a press release issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the release, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the release, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The release disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.