The bid has fully committed bank backing from local lenders Attijariwafa Bank and the Moroccan subsidiary of Groupe Banque Populaire. It will be financed on a 75:25 debt:equity basis, with the two sponsors providing half of the equity each.
Bids to build the wind turbines project were entered in July 2009 in three separate envelopes containing the technical, financial and tariff elements of each submission.
A rival bid for the contract was submitted by France’s GDF Suez. However, it was deemed non-compliant as it was not fully-funded. While GDF Suez’ bid had some backing from Belgium’s Fortis and France’s Credit Agricole CIB, it was not fully funded and so ONE declared it invalid.