The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Innovations in Islamic Finance 2015: Morocco Safi

$2.6 bilion IPP


View award winners

Related editorial coverage

Advisers: Mizuho, SMBC, BTMU, Mitsubshi UFJ, SG, Crédit Agricole, BNP, UDB, Attijariwafa, BCP, Clifford Chance

Project finance lends itself extremely well to Islamic finance, since it is very easy to satisfy the requirement for solid, tangible underpinnings to a financing when one is building a power plant or a highway. There were several of note in our period of review – others included the Al Sharkeya Sugar Manufacturing financing in Egypt, and the Wa’ad Al Shamal Phosphate financing in Saudi Arabia .

But the standout deal was the Morocco Safi IPP, whose $2.6 billion financing was completed in September. This project – labelled by the Moroccan state, with understated urgency, as “ultra-supercritical” – brought together GDF Suez, Nareva and Mitsui for a coal-fired independent power project near the port of Safi.

Aside from being the first multi-tranche cross-border Islamic financing into Morocco, and supporting a vital 1386 MW coal-fired power project with 18-year funding, this stood out for its financing mechanism, with a structured tranche provided by the Islamic Development Bank.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree