AfDB’s technical and financial support to the country’s concentrated solar power (CSP) plant at Ouarzazate and an Integrated Wind/Hydro and Rural Electrification Program will help meet Morocco’s desired 42% installed renewable energy capacity by 2020.
Commenting on the investments, AfDB’s department of energy, environment and climate change director Hela Cheikhrouhou lauded the country’s efforts to emerge as a leader in developing low carbon sustainable energy on a large scale.
"Lessons learned from these projects will inform efforts going forward in the country, region and around the world," said Cheikhrouhou.
AfDB’s financial assistance includes a combined $310m loan to finance the first phase of the CSP plant to generate 120MW to 160MW electricity. The plant’s production is projected to grow to 500MW at full capacity.
The public private partnership structured project entails a total cost of $1.3bn to be jointly financed by six other agencies including the World Bank, European Investment Bank, Agence Française de développement, German Development Bank (KfW), Neighbourhood Investment Facility (European Commission), as well as other Moroccan institutions.
In June 2012, AfDB also approved a $575m loan for the Integrated Wind/Hydro and Rural Electrification Program, which aims to increase Morocco’s wind energy capacity by 1,070 MW.
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