Ashurst Advised MASEN And Bank Of Africa On Financing Of Morocco Solar Power Projects
Ashurst advised MASEN and Bank of Africa on financing of Morocco solar power projects
The global law firm, Ashurst advised the Moroccan Agency for Sustainable Energy (MASEN) and Bank of Africa in their capacities as senior lenders in the financing of six photovoltaic solar power plants located across Morocco at Aïn Béni Mathar (Jerada Province), Boudnib (Errachidia Province), Bouanane (Figuig Province), Enjil (Boulemane Province), Tata (Tata Province), and Tan-Tan (Tan-Tan Province), with a combined installed capacity of 305 MW.
The financing of the programme is structured through an innovative framework combining concessional financing provided by KfW and the European Investment Bank, alongside commercial financing from Bank of Africa.
The project represents the second phase of the “Photovoltaic Solar Program” led by MASEN and ONEE and aligns with Morocco’s national energy strategy to increase the share of renewable energy to 52% of the electricity mix by 2030. The initiative further strengthens Morocco’s position as a key player in Africa’s energy transition, with projections suggesting renewable energy could reach nearly 60% of the country’s energy mix by 2030.
The Ashurst Casablanca team advising on the transaction was led by Ouns Lemseffer (Managing Partner) and included Meriem Komiha (Senior Associate), who worked on the structuring of the financing documentation, and Silvija Jurgsaityte (Associate), who advised on the due diligence review of the project documentation. Yasmine Hitane (Associate) assisted on all aspects of the project through to financial close, supported by Lilian Decot (Junior Associate).
Ashurst is a global law firm headquartered in London, currently undergoing a significant transformation through a planned merger with Perkins Coie to create a firm with projected annual revenues of $2.7 billion. In the Middle East, the firm has more than doubled its partner count to over 20 in the last two years, establishing itself as a dominant player in energy, infrastructure, and digital economy sectors.
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