Bird & Bird and Boukhris & Associés advise Azur Partners on the creation of the Azur Innovation fund and the raising of 350 million Dirhams (approx.. £29 million) from the Moroccan Agency for Sustainable Energy (MASEN), the African Development Bank (ADB), KfW Group, Triple Jump, CIH Bank and the BMCE Bank Of Africa. The fund will contribute to the development of seed capital and innovation in Morocco.
The Azur Innovation Fund was created as a joint investment company of funds with an initial capital of MAD 226 million. Its main objective is to finance companies that are registered in Morocco and subject to Moroccan law.
Through this operation, Azur Innovation has opened a launch phase that will focus on the development of seed and innovation financing in Morocco. By using its fund raising capacity and its knowledge of the innovation ecosystem, Azur aims to become a major player in seed capital in Morocco, then the rest of Africa.
The creation of the Azur Innovation Fund aims to contribute to the development of the industrial renewable energy sector and research and development, as well as the promotion of technological innovations in the renewable energy sector in Morocco. More than 25% of the fund's investment will also be redeployed in low-carbon sustainable development.
Azur was advised by a team from Bird & Bird and Boukhris & Associés. The project was led by partner Gildas Louvel from Bird & Bird and partner Hatim Boukhris from Boukhris & Associés, advising on the M&A and Corporate aspects of the project respectively.
