Energy: EIB, over 50% Ouarzazate's plant from EU financing

Signed 300 mln agreement to support first phase project

20 November, 09:58

(ANSAmed) - BRUSSELS, NOVEMBER 20 - The big solar plant of Ouarzazate, the first in North Africa, will count on a financing EU support of 345 million euros, over 50% of the total cost of the project. A financial commitment of 300 million euros was signed by the European Investment Bank (EIB), the Development Agency for France (AFD), KfW Entwicklungsbank (KfW) and MASEN, promoter of the Ouarzazate solar complex in Morocco.

This European financing is supporting the first phase of the Ouarzazate solar complex, which involves the construction of a parabolic-trough concentrated solar power (CSP) plant with a gross installed capacity of between 125 and 160 MW and a minimum energy storage capacity of 3 hours. The project will be the first under the Moroccan Solar Plan and the largest project so far under the Mediterranean Solar Plan, whose aim is to deploy 20 GW of additional renewable energy capacity by 2020. The Ouarzazate solar complex aims to reach a potential capacity of 500 MW, which is equivalent to powering a city of 1,500,000 inhabitants. The first phase of the Ouarzazate solar complex will be operational in 2015. (ANSAmed)
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