The financial package of the megaproject of the Al Wahda Power Plant becomes clearer. This structuring project, initiated by theONEEfocuses on the development of a natural gas power plant open cycle, called OCGT (Open-Cycle Gas Turbines), on the websiteAl Wahdanorth of Morocco.
It includes two OCGT units with a power of approximately 495 megawatts (MW) each, operating at natural gas. The total cost of the project is estimated at 4.158 billion DH (excluding taxes and shipping costs). customs).
ONEE plans to participate in its financing from its own funds, up to 20% of the overall cost, or 831.60 million DH. The remainder will be provided by a consortium of lenders made up ofAttijariwafa bank (663.20 million DH), Bank Of Africa (663.20 million DH), as well as the securitization funds “FT Flexenergy» (1 billion DH) and “FT Nord Energy” (1 billion DH). This is therefore a particular financial arrangement, aimed at diversifying ONEE’s sources of financing, while offering capital market players the opportunity to participate in the financing of the project alongside the banks, via these funds. of debt.
L’Moroccan Capital Market Authority (AMMC) approved, on January 21, 2025, the management regulations of these two securitization funds and also approved their information document “FT Flexenergy», managed by Attijari Securitizationet «FT Nord Energy», managed by BMCE Capital Securitizationhave the exclusive purpose of granting financing to ONEE – Electricity Branch, within the framework of this syndicated loan, in order to participate in the financing of the construction of the AI Wahda power stationby means of the issuance of bonds reserved for qualified investors under Moroccan law and residual shares subscribed solely by ONEE.
The strategic importance of the project
For ONEE, natural gas being a clean fossil energy is well suited to be used as a lever forthe energy transition of Morocco and for the support of renewable energies in order to cope with their intermittency which strongly influences the operating regimes of conventional power plants.
“Moreover, the majority of Moroccan power plants were designed to function as base charge units with limited charge tracking capability. Hence the national grid’s need for electricity production units that respond more quickly to load changes, operate with lower load factors or are capable of easily changing operating regimes, such as gas turbines», It is explained in the project presentation document.
-Taking into account technological advances, new generation gas turbines have recorded better performances: reduced minimum operational load level, short start-up time, high efficiency and flexibility as well as a reduced level of emissions at extra-design conditions.
In this context, the option OCGT-Dual Fuel (open cycle gas turbine unit, running on natural gas as base fuel and the gasoil as emergency fuel) proves to be the optimal and most efficient solution to meet the flexibility needs required by the national network and also to contribute to the country’s energy transition. To do this, a technical and economic feasibility study was carried out by ONEE with a view to creating a new two-unit power plant. OCGT.
The choice of construction site was limited to two sites: Aïn Bni Mathar et Al Wahdawhich are acquired by ONEE, close to the Maghreb-Europe gas pipeline (GME) and qualified to accommodate the new work. The site selection study showed that the Al Wahda site is better prepared to accommodate the new OCGT power plant, because it offers more advantages. Indeed, the Al Wahda site, located near the Al Wahda barrage at the level of the M’Jaara Commune (Province of Ouezzane)benefits from the proximity of gas pipeline (400 m) and water source as well as ease of access by road and proximity to the port (Tangier) for imported equipment.
In addition, the conditions of the Al Wahda site make it possible to obtain better performance: capacity gain of 9 to 10% with fewer losses on the energy evacuation lines. And that’s not all. Among the other advantages, the distance from homes and more positive economic and social impact on the region.
Finally, note that the forecast schedule assumes a construction period of 31 months, with the commissioning of the first unit after 28 months. The lifespan is estimated at 20 years.
