ACWA Power Khalladi has announced SAHAM Assurances as a new shareholder that will hold 24 percent of the capital and will sit on the board of directors.
Paddy Padmanathan, president and CEO of ACWA Power, said: “Bringing SAHAM into this asset as a shareholder is very much within our commitment to share our investments with credible value-adding local partners as we recognize the value of energizing the economic development of the countries in which we invest.”
ACWA Power will continue to have a controlling stake of 51 percent and will be in charge of the operations and maintenance through its affiliate NOMAC.
Inaugurated in June 2018, the Khalladi wind farm, developed by ACWA Power in collaboration with ARIF investment fund, is located at Jbel Sendouq, 30 kilometers from Tangiers in Morocco, and represents an investment of 1.7 billion dirhams ($170 million).
This entirely privately funded investment was financed with equity from ACWA Power and ARIF, and with debt from the European Bank for Reconstruction and Development (EBRD) in collaboration with the Clean Technology Fund (CTF), and the Moroccan BMCE Bank of Africa (BMCE).
Rajit Nanda, chief investment officer of ACWA Power, said: “SAHAM adds to the institutionalization of the shareholding structure of our assets in Morocco.”
