Morocco granted $265m loan to finance solar energy project

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Morocco granted $265m loan to finance solar energy project
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The African Development Bank (AfDB) has approved a loan of 265 million U.S. dollars to support a solar energy project in central Moroccan city of Midelt, local media reported on Saturday.

The financial news site Medias24.com said that the loan will partly finance the first phase of NOOR Midelt project, which is expected to produce a cumulative capacity of 800 megawatts.

 

Citing Yacine Diama Fal, representative of AfDB, the site said the solar plants will be connected to the national grid, and will guarantee electricity supplies to more than two million Moroccans and significantly reduce carbon dioxide emissions.

 

The project is part of Morocco’s ambitious goal to produce 42 percent of its electrical power from renewable energy by 2020 and 52 percent by 2030.

 

AfDB is financing some 33 projects in Morocco with a total of 3.1 billion dollars.

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