The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to 1.5 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.


Moroccan Agency of Sustainable Energy S.A. (MASEN)


Moroccan Agency of Sustainable Energy S.A. issused the first green bond from Morocco in November 2016 for 1.15 billion Dirham (USD 117mn). The bond will finance the flagship Noor Phase I Concentrated Solar Power facility in Morocco. The design capacity is around 160MW and the facility is expected to commence operation in 2018.

Issue Month




of Issuance  

Sector Criteria

Verifier's Report

Annual Reports Further information Summary Fact Sheet
November 2016 MAD 1.15bn (USD 115m) 18 years Morocco Solar

​Vigeo Eiris pre issue report

Vigeo Eiris post issue report

Annual Report 2019 Press Release