LiveGT-2026-004· Listed Mar 19, 2026
Morocco–EU Green Hydrogen & Solar Export
1.4 GW solar PV + 480 MW electrolyser feeding a HVDC link to Iberian grid. EU offtake bankable.
Morocco · Africa Energy & Renewables Infrastructure — Project Finance Closes Jan 31, 2027
Raise Target
$1.20B
Committed
$740.0M
Min Ticket
$10.0M
Target Return
12–14% IRR (USD)
Horizon
15–20 yrs
62% subscribed · $460.0M remaining
Executive Summary
A flagship Africa-Europe energy export corridor combining utility-scale solar, green hydrogen production, and a sub-sea HVDC interconnector. Long-term offtake contracted with two European utilities under a 25-year CfD structure.
Investment Thesis
- EU Hydrogen Bank and CBAM create durable demand for non-EU green molecules.
- Site DNI is 2,420 kWh/m²/yr — among the highest in commercially viable geographies.
- Sovereign-to-sovereign cooperation framework removes cross-border permitting risk.
Use of Funds
Generation (PV + storage)38%
Electrolyser + balance of plant27%
HVDC interconnector26%
Development & contingency9%
Financial Snapshot
Annual revenue (post-COD)
USD 312M
DSCR base case
1.71x
Equity IRR (base)
13.2%
Sponsor IRR with CfD upside
16.5%
Transaction Structure
USD 900M senior debt (DFI + green bond), USD 300M sponsor + co-invest equity (Deal Room slice: USD 120M).
Risk & Mitigation
Key Risks
- · Sub-sea cable execution
- · EU policy continuity
- · Currency translation
Mitigants
- Tier-1 cable EPC with insurance wrap
- CfD denominated in EUR with sovereign guarantee
- Natural USD revenue hedge via DFI debt
Timeline & Milestones
- 2024Inter-governmental framework signed
- 2025Site control & FEED
- 2026 Q3Senior debt commitment
- 2027 Q1Financial close (equity slice via Deal Room)
- 2030Phase 1 COD
Sponsor
Saharan Energy Consortium
Saharan Energy Consortium pairs a Moroccan utility, a European energy major, and a sovereign infrastructure fund — combined operational portfolio over 18 GW.
ESG & Impact
- Avoids ~3.1 Mt CO₂/yr at COD
- Local content target 47%
- Community water-positive plan
Data Room
Investor Brief
PDF · 22 pp
Project Information Memorandum
PDF · 240 pp
Independent Engineer Report
PDF
Offtake Agreement Term Sheets
PDF
Gated documents unlock after KYC/AML verification and NDA execution.
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