April 10 (Renewables Now) - French renewable energy developer InnoVent SAS has successfully raised MAD 200 million (USD 20.76m/EUR 18.43m) to start construction of its wind power project in Morocco, daily Challenge reports.
InnoVent is investing MAD 50 million in equity in the project and raised the additional MAD 200 million in debt via a structured financing from a consortium of Moroccan banks and a crowdfunding campaign on Lendosphere. The latter attracted 720 investors who subscribed for a special bond issue worth a total of EUR 1 million.
The Oualidia 1 and 2 wind farms with a combined capacity of 35 MW will be the first independent power producer (IPP) project under the 13-09 law since the launch of the Khalladi wind farm in Tanger last year. The combined annual revenue of the power plant has been estimated at MAD 50 million per year.
InnoVent, on the other hand, is only the fourth firm to successfully close financing for a renewable energy IPP scheme in Morocco, joining the ranks of Nareva, ACWA Power and small-scale hydro power developer Energie Terre.
(MAD 10 = USD 1.04/ EUR 0.92 )