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.
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.
- Gabon to build eight hybrid power solar plants
- AfDB leads renewable energy financing framework in Zambia
- AfDB to invest US $12bn in Nigeria’s energy programme
- Kenya Power to receive US $30m funding for the Last Mile Connectivity Project
- Rwanda to receive US $266m for electricity access program