| Project Detail |
Provision of a EUR 12 million senior loan with a maturity of 7 years (including 2 years of grace period). The proceeds will be used to support the equipment acquisition related to the setting-up of the first automotive test centre in Morocco (and Africa).
FEV Group and UTAC Group are partnering to establish a joint-venture company (the "Borrower" or the "JV" or "ATC"), which will be the first automotive testing centre in Morocco (and Africa) with a comprehensive offering for various OEMs. Following the launch of Stellantis activities in Morocco in 2019 and the transfer of part of its gasoline powertrain development activities to Morocco, UTAC Group created UTAC Maroc, involved in the test tracks and other component testing and FEV Group created FEV North Africa, a company involved in the powertrain engineering and testing.
Under this JV, FEV North Africa and UTAC Maroc, each preserving their proprietary technologies, will have complementary businesses, where FEV North Africa will run its own powertrain test benches and chassis dyno and UTAC Maroc will be responsible for the test tracks and other component testing, together with events and training activities.
Transition Impact
ETI score: 66
Competitve: the project will support the establishment of the first large-scale automotive testing centre in Africa. By establishing the first large-scale automotive test centre in Morocco, the project will support deepening and extension of supply chains in the country. The testing centre will be certified with ISO 9001, ISO / CEI 17025, and ISO/CEI 17043. These certifications are typical for European automotive testing centres that work with major OEMs.
Inclusive: The Company will create and deliver a training programme for young people living in Oued Zem (an under-served area of Morocco) |
