Morocco's pioneering 160-megawatt solar power plant on Monday (November 19th) secured financing agreements worth 300 million euros, AFP reported.

The European Investment Bank (EIB), Germany's KfW bank and the French Development Agency signed financing accords for nearly half of the cost of the Ouarzazate solar complex, a joint statement said. The desert power plant will also be financed by the World Bank and the African Development Bank.

The first 160-megawatt phase of the plant is slated for completion in late 2014. A second phase is expected to raise the plant's generation capacity to 500 megawatts by 2020.