According to a joint statement released on April 25th, the investment fund Argan Infrastructure Fund (ARIF) has acquired a 25 % stake in the company UPC North Africa Renewables, which is developing the 120 MW Khalladi wind project near Tangier (northern Morocco).

The project concerns the development, financing, construction and operation of a wind farm with a nominal capacity of 120 MW, with 40 Vestas V90- 3MW. The start of construction is expected in 2014. The project will contribute to achieve Morocco's energy policy objectives aimed at diversifying the energy mix, significantly increasing the share of renewable energy sources.

UPC Renewables will sell electricity generated to Moroccan manufacturers within the 13-09 Moroccan law on renewable energy that allows the private sector to generate and sell electricity from renewable sources to industries. UPC Renewables recently received the provisional approval under the law 13-09 issued by the Ministry of Energy, mines, water and the environment.

ARIF is a fund dedicated to infrastructure projects in North Africa and sub-Saharan Africa managed by Infra Invest, a pioneer in private equity in North Africa.

The fund's pool of investors consists of leading institutions that are pioneers of investment in infrastructure in emerging countries: European Investment Bank (EIB), International Finance Corporation (IFC), African Development Bank (AfDB), PROPARCO, the Belgian Investment Company for Developing Countries (BIO) and Moroccan insurer RMA Watanya. 

With a current size of $100 million and a target size of $230 million, the ARIF fund invests in promising segments of infrastructure such as:

• Energy, water and the environment
• Ports, transport and logistics
• Industry and social infrastructure

UPC Renewables North Africa is part of the UPC group, which has a long experience in the development, financing, construction and operation of wind farms in the United States, Europe and Asia.