Moroccan pension fund makes €6.5m wind deal

MOROCCO: Moroccan pension fund, Caisse Interprofessionnelle Marocaine de Retraites (CIMR), has invested DH73 million (EUR6.5 million) in a company developing two projects with a combined capacity of 250MW.

Siemens 2.3MW turbine will be used on one of the EEM projects

CIMR is buying a 25% stake in Energie Eolien du Maroc (EEM). EEM was set up by the Moroccan conglomerate Nareva Holding in 2010 to develop and build a 200MW facility at Akhfenir, near Tarfaya on the Atlantic coast, and 50.6MW at Haouma, near Tangier on behalf of state utility ONE.

The capital increase allowed EEM to close financing on the purchase of 22 Siemens 2.3MW turbines for Haouma. These will be the first Siemens turbines delivered to Africa.

According to the current timetable, both projects will come online in 2013, along with another Nareva project at Foum el Oued, also on the Atlantic coast near Laayoune, for which Siemens is also supplying the turbines.