Masen seeks insurer for Noor Ouarzazate

The Moroccan Agency for Sustainable Energy (Masen) has called a tender to choose an insurance company for MAD 20 billion (USD 2 bn/ EUR 1.9bn) of assets at the giant solar complex at Ouarzazate.

Masen Services, an affiliate of the agency will lead the negotiations for "an insurance service contract covering risk and claims management service as well as insurance of the common infrastructure of the Ouarzazate solar complex ".

The site is currently home to a 160 MW consentrated solar power (CSP) plant - Noor I and two more - the 200 MW Noor II and the 150 MW Noor III are being built. The insurance contract will cover all three as well as the pilot 1MW concentrator photovoltaic (CPV) power plant built by Japan-based diversified manufacturer Sumitomo Electric Industries Ltd (TYO:5802) .

Saudi Arabian Acwa Power is building the power plants under a public-private partnership with Masen. Via its Masen Capital unit, the agency has a 25% stake in the special purpose vehicles that manage each of the power plants.

(MAD 10 = USD 1.003/ EUR 0. 929)

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