A consortium of European lenders will provide a €345m loan for the construction of the Ouarzazate solar complex in Morocco.
The funding will constitute 50% of the total cost of the project that is being developed by the Moroccan Agency for Solar Energy (MANSEN).
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European Investment Bank will contribute €100m towards the loan with €30m in grant provided by the European Union; the Development Agency for France (AFD) will provide €100m in loan with he German ministries for economic cooperation & development and environment, nature conservation & nuclear safety provide a combined assistance of €115m.
The funds will be employed for the construction of the first phase of the project that includes a parabolic-trough concentrated solar power plant with total installed capacity between 125 and 160MW.
EIB vice-president Philippe de Fontaine Vive said, "The first phase of Ouarzazate is a milestone for the success of the Mediterranean Solar Plan in the region. It provides a strong and green signal for the future in terms of technology, economic and energy development, and job opportunities."
The project is the first to be developed under the country’s Solar Plan with its first phase expected to be operational in 2015.
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By GlobalDataMoroccan EU Delegation Ambassador Head Eneko Landaburu noted that the EU and Morocco share similar opportunities and constraints when it comes to energy, which makes it important to support the progressive integration of our respective energy markets, as well as the joint development of renewable energy.
"Today, through the grant provided by its Neighbourhood Investment Facility and the loan provided by the European Investment Bank, the European Union is strongly supporting the first flagship project under the Moroccan Solar Plan," Landaburu said.
