Moroccan independent power producers - African pioneers

摘要

This paper tells the story of Morocco's three independent power projects (IPPs), which were developed between 1994 and 2005. The three projects are very different in nature. Through the first project, the country placed nearly two-thirds of Morocco's electricity production in the hands of private producers, the Jorf Lasfar Energy Company - presently Africa's largest IPP. The second project, Compagnie Eolienne de Detroit (CED), brought about further diversification of the electricity production mix by harnessing Morocco's wind energy potential; CED is also a record setter in that it represents the first wind farm in Africa that is entirely privately financed. Energie Electrique de Tahaddart (EET), the third IPP, served to introduce the first combined cycle gas plant to Morocco, which is fuelled from the pipeline that delivers Algerian gas to Spain. Another outstanding feature of EET is that the majority of project financing was sourced from local Moroccan banks. Among the key elements that explain project successes are that the Moroccan dirham has remained relatively stable in a low inflation environment since the inception of the contracts, and, in the case of EET, charges are significantly shielded from foreign currency risks.