World Bank to partially finance Noor II & III solar projects

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World Bank to partially finance Noor II & III solar projects

The World Bank Group’s Board of Executive Directors has approved US$519 million loan for the Noor II & Noor III concentrated solar projects to support Morocco’s ongoing efforts to reduce its dependency on fossil fuels

Inger Andersen, World Bank Regional Vice President for the Middle East and North Africa stated:

Morocco stands at the forefront of climate-friendly policies in the region. The country is well-positioned to benefit from its head-start at a time when other regional powers are beginning to think more seriously about their own renewable energy programs.

The Noor II & III Concentrated Solar Power Project will contribute to the Moroccan Solar Energy Agency (MASEN) Solar Plan to develop 2,000 MW of solar power by 2020. The objective of the project is to increase the installed and production capacity of the Noor Solar Complex and demonstrate feasibility of innovative tower CSP technology in Morocco. The proposed project will support MASEN’s implementation of the second, 350 MW phase of the Noor Solar Complex.

This second phase consists of 2 distinct plants: a 200 MW parabolic trough CSP plant (Noor II) and a 150 MW tower CSP plant (Noor III).

This project will be funded through US$400 million from the Bank and US$119 million from the Bank administered Clean Technology Fund.

Other contributors toward the project are the African Development Bank, European Investment Bank, l’Agence Française de Développement, Kreditanstalt fuer Wiederaufbau, and the European Commission.

Morocco is the Middle East’s largest energy importer, and depends on fossil fuel imports to generate over 97 percent of its energy. The Noor-Ouarzazate Concentrated Solar Power Project will support the Moroccan Agency for Solar Energy to finance the expansion of Morocco’s first utility-scale solar energy complex, helping increase its capacity and output, especially during peak hours.

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