World Bank Approves Additional Financing for Morocco to Develop a Second Solar Power Complex

Stocks and Financial Services Press Releases Tuesday June 12, 2018 09:24
WASHINGTON--12 Jun--World Bank

WASHINGTON, June 11, 2018—The World Bank announced today US$125 million in additional support for Morocco's adoption of innovative solar technology, as part of the national goal of developing the country's world-class solar and wind energy resources to reduce the dependence on fossil fuels and move toward a green energy future. The additional financing, which includes US$25 million from the Clean Technology Fund, will support the development and construction of the Noor-Midelt I and II plants, which will have a total capacity of 600-800 megawatts.

The Noor-Midelt complex will be Morocco's second concentrated solar power (CSP) complex built under the Noor Solar Plan. The Solar Plan is a critical component of the country's goal of producing 52 percent of its electricity through renewable energy by 2030. The 580-megawatt Noor-Ouarzazate complex is due for completion this year and will be the world's largest CSP complex. Along with providing power to over one million people, the Noor-Ouarzazate complex will decrease Morocco's dependence on oil by about 2.5 million tons per year and reduce carbon emissions by 760,000 tons per year. Once complete, the Noor-Midelt complex will be even larger.

"This is yet another step toward a promising clean energy future for Morocco,"said Marie Francoise Marie-Nelly, World Bank Country Director for the Maghreb; "the Noor-Midelt power complex seals Morocco's position as the region's pioneer in renewable energy."

The Noor-Midelt complex will be based on a new design that combines CSP and PV technologies. While less expensive, PV does not have the same storage capacity as CSP, which can generate power even when the sun is not shining.

"The design of Noor-Midelt relies on proven technologies that will be operated in a pioneering way to take advantage of the benefits of both CSP and PV technologies on a single site," said Moez Cherif, World Bank Lead Energy Economist for the Maghreb.

The design and construction of the new solar complex will be led by the Moroccan Agency for Sustainable Energy (MASEN), which was founded to implement the solar plan and now leads the country's transition to renewable energy. MASEN successfully implemented the first solar complex through a public- private partnership, and will use the same model for Noor-Midelt. The model has mobilized private finance to support the development of renewable energy infrastructure and contributed to bringing down the price of CSP through competitive bidding. MASEN also issued Morocco's first green bond in 2016 to support the shift to green energy.

"MASEN has, in a few years, grown from a start-up operation to a mature organization that has proven it can be a model in the region for successfully implementing renewable energy policies," said Sameh Mobarek, World Bank Senior Energy Specialist and co-project manager for the Noor Solar Power Projects.


Latest Press Release

Photo Release: KBank joins hands with partners to create K PARK, a new form of lifestyle space for suburban communities

KBank unveils the first K PARK on Hathairat 33 Road by teaming up with three business giants, namely, PTT (PTT gas station and Cafe Amazon), SCG Express and Amarin Printing and Publishing to open a new lifestyle space which offers delightful experiences...

CIMB Group Chairman to Step Down by 31 December 2018

CIMB Group ("CIMB" or "the Group") today announced that its Chairman, Dato' Sri Nazir Razak, will step down from his position as Group Chairman, and all other positions within the CIMB group of companies by 31 December 2018. The CIMB Board of Directors...

KTC jointly celebrates Mo-Mo-Paradises 10th anniversary by launching Dine with chances to win an exclusive trip to Japan! with China Airlines.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, jointly with Mr. Surawech Telan, Managing Director, Noble Restaurant Company Limited, owner of "Mo-Mo-Paradise," a dark brown broth...

Photo Release: AOT entrusts KTAM to manage provident fund for 3 years

Mr.Wichai Bunyu (2nd left), the President of The Airports Of Thailand PCL. Employee's Registered Provident Fund (AOT) and Mr. Visit Balee (1st right), Fund committee recently held a Provident Fund management contract signing ceremony with Mr. Veera...

INDORAMA VENTURES AND LOOP INDUSTRIES JV TO INTRODUCE NEW ERA IN PET AND POLYESTER RECYCLING

Indorama Ventures' world-class manufacturing and Loop's state-of-the-art recycling technology combined to invest in multi-billion dollar sustainable PET resin and polyester market opportunity Demand for supply of sustainable PET sees explosive growth...

Related Topics