World Bank OKs Half-Billion Dollars to Fund Morocco Solar

Oct. 1 (Bloomberg) — The World Bank will provide a half-billion dollars to help fund two solar-thermal power projects in
Morocco that are among the world’s largest.

The bank will partly finance the 350-megawatt Noor II and
III plants near Ouarzazate in southern Morocco, it said in a
statement. Of this, $400 million will come from the bank and
$119 million from the Clean Technology Fund it administers.

The facilities are part of Morocco’s solar power plan
that’s targeting the installation of 2,000 megawatts of capacity
by 2020. Solar-thermal power, also known as concentrated solar,
involves mirrors that focus sunlight to make steam and power
turbines.

The two projects follow an initial 160-megawatt solar plant
at the site, Africa’s largest, awarded in September 2012 and now
under construction. The three have funding support from the
World Bank and organizations such as the African Development
Bank, European Investment Bank, Agence Francaise de
Developpement, KfW and the European Commission.

Three groups were shortlisted last year for the 200-megawatt plant using parabolic trough technology and four for
the 100-megawatt solar power tower project.

The three-plant solar complex will supply electricity to
1.1 million Moroccans by 2018, according to World Bank.

To contact the reporter on this story:
Marc Roca in London at
mroca6@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Randall Hackley

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us