Morocco’s Masen issues EUR 100m green bond
Nov 7, 2016 18:32 CET
November 7 – The Moroccan Agency for Sustainable Energy or Masen on Friday said it is issuing the country’s first green bond for a total consideration of MAD 1.15 billion (EUR 106m/USD 117.2m).
The announcement was made by Masen’s chairman Mustapha Bakkoury at the Climate Finance Day 2016, held on Friday in Casablanca.
The proceeds from the green bond issue will be used to finance the development of the 170 MW Noor PV 1 project which includes three separate solar photovoltaic (PV) arrays sited in Laayoune, Ouarzazate and Boujdour.
The green bond, which was certified by the Climate Bonds Initiative (CBI) according to the climate bond standard, has been cleared by the Moroccan capital market authority. Al Barid Bank, Attijariwafa bank, Caisse marocaine des retraites and Société centrale de réassurance have already subscribed to participate in the private placement.
(MAD 1 = EUR 0.092 / USD 0.102)
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