European lenders to provide €345m financial assistance for solar project in Morocco
A consortium of European lenders that includes the European Investment Bank will provide €345m in financial assistance for the construction of the Ouarzazate solar complex in Morocco.
The funding will constitute 50% of the total cost of the project with €100m of it contributed by EIB, €30m in grant by the European Union, €100m loan by the Development Agency for France (AFD) and €115m assistance combined from the German ministries for economic cooperation & development and environment, nature conservation & nuclear safety
Moroccan Agency for Solar Energy (MANSEN), the developer of the project will employ these funds to support 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.