World Bank Approves $125M Financing for Morocco Solar Projects

World Bank Approves $125M Financing for Morocco Solar Projects

Thursday, 14 June, 2018 - 12:45
Casablanca- Lahssen Moqana
The World Bank has approved 125 million US dollars in financing the Noor-Midelt 1 and II plants in the center of Morocco. The two projects will have a total capacity of 600 and 800 megawatts, respectively.

This financing includes 25 million dollars from the Clean Technology Fund, which is administered by the World Bank.

Noor-Midelt is considered the second biggest project launched by Morocco within its solar energy plan, following Ouarzazate Solar Power Station (OSPS) whose station started operating end of 2016 – its fourth and last station is expected to be completed end of next year to become the biggest project of its kind in the world.

Noor-Midelt extends over 4242 hectares in a location that is 20 kilometers away from Midelt. The project consists of two stations with a power of 400 megawatts each.

The total investment cost of the project is estimated as AED21 billion (USD2.23 billion) distributed over investments of infrastructure with a value of AED1 billion (USD106.4 million) – the cost of constructing the stations was estimated as AED20 billion (USD2.13 billion).

Three groups of international firms are competing over the project’s completion – they were selected during an initial stage within an open international competition.

Morocco aims to produce 52 percent of its electricity through renewable energy by 2030.

In addition to Ouarzazate Solar Power Station and Midelt, Morocco launched a group of medium projects in the field of solar energy. It also launched a group of giant projects in the field of exploiting the wind energy.

Morocco prepared a new legal framework that urges the private sector to invest in renewable energies and permits it to boost its output in the national network or sell it through direct contracting with big consumers.

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