AfDB grants a second funding of 242 million dollars to Africa’s largest solar power plant

logo_printThe African Development Bank (AfDB) has announced last week, the agreement of two loans for the project of Ouarzazate solar park, located in the south of Morocco.

Valued at 123 million dollars, the first funding comes from the capital loan of AfDB. The second valued at 119 million dollars will come from the Clean Technology Fund, which is part of the Climate Investment Funds (CIF), as an execution organ. Those loans will be used to finance the development of two new plants (central Noor Noor II and III) with a total capacity of 350 megawatts (MW).

This is the second financing that AfDB has granted to the Ouarzazate solar complex. The first, on the implementation of the central and Noor is dated from 2012, consisted of a loan of 123 million dollars from the equity of the Bank and another loan of 100 million granted via the clean Technology Fund.

According to Alex Rugamba, Director of energy, environment and climate change department of AfDB,

The project is part of the innovative operations that the bank maintains in the energy sector, given the technology and its financing package that uses the Climate Investment Funds and the fact that it is a public-partnership supported by several private donors”

The participation of the bank in the second phase is to strengthen its position as a major partner in the development of Morocco and strengthens its leading role in the fight against the effects of climate change, “said Alex Rugamba.

The project is part of the Moroccan Solar programme called “Noor”, which aim is to develop a capacity of 2000 MW in 2020 as part of a plan to cover 42% of the country’s energy needs through renewable energy.

Founded in 1964 in Abidjan, Côte d’Ivoire, the African Development Bank is responsible of promoting economic development and social progress in African countries.

About Khalid Al Mouahidi 3417 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network