MASEN Group

Chairman and CEO Tarik Moufaddal leads the group following his appointment in June 2024, succeeding founding president Mustapha Bakkoury. MASEN does not operate as a discretionary investment fund; its project-selection and procurement decisions are executed through a centralised public-private partnership framework, overseen by a board that includes representation from the Moroccan state, the Hassan II Fund, and ONEE.

MASEN secures land rights, completes environmental and grid-interconnection studies, and pre-negotiates off-take agreements with ONEE before tendering the construction and operation to international consortia. The Noor Ouarzazate and Noor Midelt projects followed this model, drawing bids from ACWA Power, EDF Renewables, and others. This design-build-finance-operate approach transforms government development pipeline into bankable infrastructure.

The Noor Ouarzazate complex reached 580 MW of installed capacity across four phases, combining concentrated solar power (CSP) with thermal storage and photovoltaic technology. It was financed by a consortium including the World Bank, African Development Bank, European Investment Bank, and Agence Française de Développement. The project established Morocco as a hub for utility-scale CSP in Africa (public record).

MASEN's statutory mandate is focused exclusively on renewable energy deployment within Morocco. While it has participated in knowledge-sharing partnerships — including advisory roles for other African countries exploring CSP programs — the group's capital allocation, land acquisition, and power contracting activity is domestic. No evidence of equity investment in foreign projects has been publicly disclosed.

MASEN structures its large-scale projects explicitly for external co-investment. For Noor Midelt, it led a competitive tender that awarded development rights to a consortium of EDF Renewables, Masdar, and Green of Africa. Private partners bring equity and construction capability; MASEN retains the land and a stake in the project company, alongside the government's sovereign backing for the off-take (public record).

The Masen Local Development Strategy directs a portion of project revenues into community infrastructure near plant sites, including roads, schools, health clinics, and agricultural support programs. This is a statutory requirement embedded in the group's founding mandate and is intended to maintain social license for large-scale land acquisition. Specific disbursement figures are not publicly reported.

ONEE (the National Office of Electricity and Drinking Water) is both a shareholder in MASEN and the primary off-taker for its power output. MASEN negotiates the power purchase agreements, ONEE buys the electricity, and the revenue stream backs the project-finance structure. The two entities operate at arm's length but are tied through board representation and the state's consolidated energy planning.