AfDB Supports Morocco in Large-Scale Renewable Energy Development
3 September 2012: The African Development Bank (AfDB) has announced that it granted over US$800 million in loans in the first half of 2012 to assist in developing Morocco's renewable energy sector, particularly its solar and wind energy sectors, resulting in the country's emergence as an early leader in renewable energy, and encouraging green growth within the country.
The AfDB approved loans of €168 million from its own resources and US$100 million from the Clean Technology Fund (CTF), a Climate Investment Funds (CIF) programme, for developing a concentrated solar power (CSP) plant in Ouarzazate, Morocco.
Established as a public private partnership (PPP), the Ourzazate plant will be the first project implemented under the CSP scale up programme of the Middle East North Africa (MENA) region. It aims to bolster local energy access, encourage regional integration, and eventually export power to Europe.
The CTF and the AfDB also approved US$125 million and €359 million, respectively, to develop Morocco's Integrated Wind/Hydro and Rural Electrification Programme. The initiative will increase and expand national wind power capacity and rural electrification efforts, particularly in isolated and vulnerable districts. The wind/hydro component will allow for excess energy production to be used in water storage and supply for future hydroelectricity production during dry seasons. The project is expected to be completed by 2017. [AfDB Press Release]