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Friday 5 December 2014

AfDB Loans Morocco 176 Mln Euros For 2nd Phase Of Ouarzazate Solar Complex

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AfDB Loans Morocco 176 Mln Euros For 2nd Phase Of Ouarzazate Solar Complex

  The board of directors of the African Development Bank (AfDB) approved, Wednesday in Abidjan, a funding, under two loans, for the second phase of the Ouarzazate solar complex project worth 176 million euros.

 According to a memo by the pan-African bank, the first loan, amounting to 100 million euros, was paid by the bank's own funding, while the second, totaling 119 million US dollars, was granted by the Clean Technology Fund (which is part of the Climate Investment Funds) in its capacity as executive body.

 The second phase of the Ouarzazate solar complex project touches on the development of two new plants with a capacity of 350 MW and yearly production of an average of 1,100 GWh, said the memo.

 The project is part of Morocco's solar program "Noor" which seeks to develop a capacity of 2,000 MW by the year 2020. It is aimed at securing energy supply for the population and productive sectors given the fact that Morocco imports 95% of its energy needs, it added.

MAP 04 December 2014