AfDB Grants €176 Million for the Second Phase of the Largest Solar Power Station in Africa [AllAfrica]
Morocco takes another step towards green energy, as the Ouarzazate solar complex project nears completion and gains funding for a second phase of development:
The Board of Directors of the African Development Bank Group has approved one loan of €100 million and another of US $119 million for phase II of the Ouarzazate solar complex project (the NOORo II and NOORo III power stations), the former from the Bank’s own resources and the latter from the Clean Technology Fund (part of the Climate Investment Funds) in its capacity as executing agency. This second phase of the project aims to develop two new power stations with a total capacity of around 350 MW and average estimated cumulative production of over 1,100 GWh per year.
“The project is one of the innovative developments in the energy sector supported by the Bank, based on the technology used and the financial arrangements with the support of the Climate Investment Funds, namely a public-private partnership supported by several donors. The Bank’s participation in this second phase will support its position as a leading partner in the development of Morocco and strengthen its dominant role in combatting the effects of climate change,” explained Alex Rugamba, Director of the AfDB Energy, Environment and Climate Change Department, following the approval of the loans…[full story]