# MASEN Group

MASEN Group is a Government / Public Body based in Rabat, Morocco.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** Rabat, Morocco
- **Region:** Africa
- **Address:** Rabat, Morocco
- **Founded:** 2010
- **Assets under management:** Undisclosed
- **Website:** masen.ma
- **LinkedIn:** https://www.linkedin.com/company/masen

## Regulatory record

- **Reports private funds:** No

## About

MASEN Group is a government agency based in Rabat, Morocco. It focuses on Africa and has committed to one fund.

## Sectors

- Energy Transition & Renewables
- Infrastructure

## People

- Tarik Moufaddal — Chairman and CEO
- Mustapha Bakkoury — Former President

## Questions

### Who runs investment decisions at 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.

### How does MASEN Group source and structure its projects?

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.

### What is the scale of the Noor Ouarzazate Solar Complex?

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).

### Is MASEN Group open to external co-investment?

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).

### How does MASEN's Local Development Strategy work?

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.

### What is MASEN's relationship with ONEE?

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.

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Last updated: 2026-06-03T20:00:00.000Z

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