Morocco has closed financing for expanded solar energy production which will provide a huge boost to its energy diversification strategy:
Continuing its push for energy diversification, Morocco announced that it had completed financing for two large-scale solar projects assisting in the country’s renewable energy goals.
According to local media reports, the Moroccan Agency for Solar Energy (MASEN) announced that the NOOR II and III solar centers, producing 200 MW and 150MW, respectively, would be financed through a debt/equity ratio of 80/20. The debt will be financed by MASEN and guaranteed by an array of international lenders, including the African Development Bank, French Development Agency, Clean Technology Fund, European Commission, European Investment Bank, Kreditanstalt fur Wiederaufbau and the International Bank.
The projects, estimated to cost $2 billion, are a part of a broader solar strategy that aims to produce 14 percent of the country’s overall energy by 2020, according to the report. The financing development appears to back up the country’s earlier claims that Rabat would not need assistance from outside development partners to pursue its renewable goals…[Full Story]