Attijariwafa bank group synergy leads to the successful closure of the Bridge Loan funding Orascom’s Equity share in the Gulf of Suez Wind Farm project 

Attijariwafa bank group synergy leads to the successful closure of the Bridge Loan funding Orascom’s Equity share in the Gulf of Suez Wind Farm project 

Attijariwafa bank Morocco was successfully the mandated Lead Arranger (MLA) for the Equity Bridge Loan financing Orascom Construction Limited’s equity share in The Gulf of Suez Wind Farm Project.  The loan was provided by Attijari International Bank – (AIB) with the support of Attijariwafa bank’s team in Egypt and the group Project Finance team in Casablanca. For Attijariwafa bank Egypt, this transaction marks the bank’s first involvement in offshore loan.

The loan contract was signed on December 11th 2017 between Attijariwafa bank’s Offshore subsidiary Attijari International Bank (AIB) , Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS), and Ras Ghareb Wind Energy to finance Orascom Construction’s share in “The Gulf of Suez Wind Farm” project.  The project aims to Build-Own-Operate (BOO) a 250 MW wind farm in Ras Ghareb, Egypt. This project is considered to be “the first renewable energy project of its kind and size in Egypt. Once construction is complete, the consortium will operate and maintain the wind farm under a 20-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company” as declared by Orascom press statement released on December 18th 2017 on the transaction.

The attainment and success of this transaction is due to the mobilization and synergy between Attijariwafa bank group different entities in addressing the complexity and innovation of this funding, and to the Group’s strong presence in the field of renewable energy projects in Morocco, North, and Central Africa.

About Attijariwafa bank group

Attijariwafa bank is the first banking and financial group in the Maghreb and WAEMU and a key player in CEAMC. In addition to banking activities, the Group operates through specialized subsidiaries in the financial industry : insurance, housing credit, consumer credit, leasing, asset management, stock brokerage, private banking, counseling, long-term leasing, factoring, etc.

The Group has more than 19,430 employees and manages a portfolio of nearly 8.8 million customers. It has the largest distribution network in Morocco and the densest in Africa with 4,090 branches. Attijariwafa bank is based in Morocco and operates in 26 countries through majority-controlled subsidiaries:

In Africa: Egypt, Tunisia, Mauritania, Senegal, Burkina Faso, Mali, Ivory Coast, Congo, Gabon, Cameroon, Togo, Benin and Niger.

In Europe: France, Belgium, Germany, Italy, Spain and the Netherlands. It is also present through financial companies or representative offices in London, Geneva, Montreal, Abu Dhabi, Dubai, Tripoli and Riyadh.

About Attijariwafa bank Egypt:

On May 3rd 2017, Barclays Bank PLC has transferred its entire shareholding in Barclays Bank Egypt S.A.E. to Attijariwafa bank S.A.E. On November 3rd 2017, the bank has been registered as Attijariwafa bank Egypt S.A.E. and is currently operating under the new trademark and logo.

With over 150 years of history, under Barclays flagship, the business in Egypt has been serving the market with world class financial services. The bank operates through a network of 55 branches and 69 ATMs covering key cities in Egypt. Its highly professional and skilled 1,550 employees proudly serve a large enterprise client base including leading international, regional and domestic companies as well as a strong base of approximately 120,000 retail banking customers across the country.

About Attijari International Bank:

Founded in 1994 in Tangier, Attijari International Bank – Offshore Bank is a subsidiary of the Attijariwafa bank group. Through it, the Attijariwafa bank group is extending its banking products offering to both multinationals located in the various free zones in Morocco and to international operators. AIB has a solid reputation as a reference bank in Tangier’s offshore financial zone and has managed to build a broad network of strategic partnerships with leading financial institutions around the world.