Magharebia (Washington DC)

Morocco: Ouarzazate Solar Project Receives Funding Boost

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.

Ads by Google

Copyright © 2012 Magharebia. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.