Morocco: European Investment Bank funds one of the biggest solar power complexes in the world

08-08-2019
Morocco: European Investment Bank funds one of the biggest solar power complexes in the world
Morocco: European Investment Bank funds one of the biggest solar power…
Copyright: EIB

Thanks to the support of the EU and the EIB, among others, Morocco has started its own path towards becoming a sustainable-energy country. Noor Ouarzazate solar power complex is a hands-on example of how the COP21 agreement is being converted into COP22 actions.

Noor Ouarzazate is one of the biggest solar power complexes in the world. Once completed, it will have over 580 MW installed capacity and provide electricity to 350 000 homes in Morocco. The plant is expected to reduce carbon emissions by 760,000 tons per year, and 17.5 million tons over 25 years.

EU support came through the Neighbouring Investment Facility (NIF) which granted €106.5 million for the Noor Ouarzazate complex. The NIF is an innovative instrument created to co-finance infrastructure projects in EU neighbouring countries and helped catalyse the participation of the EIB, which finances €217.5 million for the three first phases and other investors such as the French Agency for Development (AFD) as well as the German Development Bank (KfW). In total, European funds amount to up to 60% of the project cost.

This is the biggest operation under the EU-supported “Mediterranean Solar Plan”. This plan aims to create additional renewable energy capacity of over 20 GW by 2020 in the Mediterranean partner countries.

 

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Press release