Morocco secures US $25 million loan for hybrid solar project
The Climate Investment Funds’ Clean Technology Fund (CIF CTF) has approved a US $25 million loan for Morocco for a project to generate solar power through an innovative hybrid Solar Power (CSP) and Photovoltaic (PV) solution.
The African Development Bank (AfDB) and the World Bank are supporting the Midelt Phase I Concentrated Solar Power Project with an additional allocation of US$ 25 million in CTF resources.
AfDB’s Director, Climate Change and Green Growth Anthony Nyong stated that in 2015, the world saw an important shift in CSP investment from the developed to the developing world, particularly in Morocco. He said that Morocco’s path-changing Noor CSP program under CTF, for which they serve as an implementing agency, has been a critical element of that shift. Mr.
Anthony Nyong also said that the project would increase the development of solar energy, enhance its energy security and further help diversify the country’s energy mix.
Also read:Morocco launches the construction of 70 MW Noor Ouarzazate IV PV plant
Selected sponsors for the project are expected to form a Special Purpose Company to build and operate the plants and sell the generated electricity to MASEN under a 25-year Power Purchase Agreements (PPAs).
The Solar Plan will contribute to industrial development, competitiveness and could create about 30,000 jobs. The project will greatly contribute to the Government of Morocco’s achievement of its Nationally Determined Contribution under the Paris Agreement, including its goal of achieving 52% of installed capacity from renewable energy (20% from solar) by 2030.
AfDB’s CIF Program Coordinator and Senior Climate Finance Officer Leandro Azevedo stated that to date, CSP has been the dominant renewable energy technology assuring electricity during peak hours and that by adding a PV component they expect to enhance the reliability of the power plant.
He went on to say that the combination of these two technologies would allow Morocco to optimize the dispatch of generated power during the daytime by ensuring that the utilization of the CSP component could be maximized during night-time through the use of thermal storage.
There remains certain restrictive factors in China's economic and trade cooperation with the count...
In line with Chinese President Xi Jinping's underpinning motto of the increasingly momentous pan-E...
- Sandan Development plans Omani industrial park 354
- Major facelift as construction of roads in Lagos metropolis in Nigeria begins 194
- Government Issues Shiraz Metro Tender 183
- Philippine’s DOTC begins bidding for $3.77bn North-South railway project 162
- Xinjiang Medical University builds new campus in Karamay 144
- CCCC to build industrial park in Jalisco State 133
- Newly constructed Dangote Petrochemicals refinery in Nigeria to start operation 106
- Kenya to Construct $170 Million Power Lines Connecting Turkana Wind Farm to National Grid 106
- Norwegian firm Scatec begins plans to construct solar plants in Egypt 97