World Bank to back 350-MW CSP project in Morocco with USD 519m

Oct 1, 2014 - The World Bank said yesterday it had approved the provision of USD 519 million (EUR 412m) in funding for the 350-MW expansion of the 160-MW Noor-Ouarzazate concentrated solar power (CSP) project in Morocco.

The bank and its Clean Technology Fund will lend USD 400 million and USD 119 million, respectively, to support the development of the project’s second phase, including the addition of solar parabolic troughs and a solar energy tower. The first phase of the project is currently under construction.

The entire Noor-Ouarzazate CSP complex will be able to generate enough electricity for 1.1 million Moroccans by 2018, said Simon Gray, World Bank country director for the Maghreb. The facility is also expected to help cut carbon dioxide (CO2) emissions by 700,000 tonnes annually.

Apart from the World Bank, other backers include the African Development Bank, European Investment Bank, l’Agence Francaise de Developpement, Kreditanstalt fuer Wiederaufbau and the European Commission.

About 97% of Morocco’s energy comes from fossil fuel imports. The government’s goal is to lower dependence on such imports through the deployment of renewable energy projects, especially CSP.

(USD 1.0 = EUR 0.794)

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