UK duo take top roles on creation of world's biggest solar power plant
Ashurst and Norton Rose Fulbright have landed key roles on the creation of the world's largest solar power plant, which is under construction in Ouarzazate, Morocco. Ashurst advised the project company ACWA Power on the development and financing of the first phase of the programme, with a team led by energy partner David Wadham and finance partner James Coiley. ACWA Power will sell the plant's output to the Moroccan Agency for Solar Energy (Masen) under a 25-year power purchase agreement. Masen currently owns 25% of ACWA Power. Norton Rose Fulbright advised Masen, with global head of energy Simon Currie taking the lead role.
September 26, 2013 at 07:03 PM
2 minute read
Norton Rose Fulbright and Ashurst advise on first phase of Morocco energy project
Ashurst and Norton Rose Fulbright have landed key roles on the creation of the world's largest solar power plant, which is under construction in Ouarzazate, Morocco.
Ashurst advised the project company ACWA Power on the development and financing of the first phase of the programme, with a team led by energy partner David Wadham and finance partner James Coiley. ACWA Power will sell the plant's output to the Moroccan Agency for Solar Energy (Masen) under a 25-year power purchase agreement. Masen currently owns 25% of ACWA Power.
Norton Rose Fulbright advised Masen from its Paris, Casablanca and London offices, with Alain Malek leading the team supported by Anne Lapierre and Simon Currie.
Local independent firm Hajji & Associes also took a role, acting as ACWA Power's Moroccan counsel.
Norton Rose Fulbright advised MASEN on its arrangements with the lenders financing the project, which include six international financial institutions: the African Development Bank, Agence Francaise de Developpement, the European Union (represented by the European Commission), European Investment Bank, International Bank for Reconstruction and Development and Kreditanstalt fur Wiederaufbau.
The lenders provide financing through Masen, which is on-lending the funds to ACWA Power.
The second and third stages of the Moroccan solar energy programme will run in parallel later in the year.
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