The European Bank for Reconstruction and Development (EBRD) is providing a €2.5m loan to Lesieur Cristal, a producer of edible oil and soap, to support the construction and launch of a biomass boiler in Morocco.
The biomass plant will utilize processed olive waste as fuel. It will enable Lesieur Cristal to reduce its consumption of fossil fuel and electricity, and thereby reduce energy costs. EBRD stated that the facility will also double Lesieur Cristal’s use of renewables.
According to the bank, the project will help Lesieur Cristal to save 4,400 tonnes of fuel equivalent annually and cut its greenhouse gas emissions by around 12,500 tonnes. The latter would make Lesieur Cristal eligible for an estimated 12,000 Reduced Emission Units (REU) of carbon credits, tradeable on the European Carbon Market.
Lesieur Cristal general manager Samir Oudghiri Idrissi said, "This project is important for the company’s goals of optimizing energy costs and sustainability, as well as improving the energy efficiency and overall profitability of our operations. We hope this is only the start of a long cooperation with the EBRD."
The EBRD’s Energy, Environment and Climate Change team will continue its support of Lesieur Cristal’s energy efficiency strategy as it claims these carbon credits in the future. The bank will also carry out an energy audit of Lesieur Cristal’s operations to identify additional options for energy savings.
EBRD director of agribusiness Gilles Mettetal said, "The EBRD is particularly proud of this landmark transaction in the new southern and eastern Mediterranean region that includes Morocco.
"Energy efficiency remains one of the key issues in the agribusiness sector, and in this region in particular. We are confident that this is only the beginning of a strategic partnership with Lesieur Cristal in Morocco."
