Morocco has obtained the green light for a $25 million loan from the Clean Technology Fund, under the Climate Investment Funds, for a project to generate solar energy.
Phase 1 of Midelt's concentrated solar energy project is supported by the African Development Bank (AfDB) and the World Bank, with an additional $25 million, said a press release from the AfDB published on its official website earlier this week.
"The project consists of two separate Combining Solar Thermodynamic Concentration Plants (CSP) plants, each with a capacity of 150-190 MW and a minimum of 5 hours of thermal storage," said an official.
The innovative hybrid solar design of the project is also based on a unique public-private partnership between the Moroccan Agency for Sustainable Energy (MASEN) and private sector developers, said the report on Wednesday.
The new project will contribute to the development of solar energy, the diversification of the country's energy mix and the strengthening of its energy security, said Anthony Nyong, AfDB's director for climate change and green growth.
"We believe the project can serve as a model for other countries in the region," said the AfDB official.
The project will contribute to the achievement of the objectives set by the Moroccan government in accordance with the commitments made under the Paris agreement, including the target of 52 per cent of renewable energies (20 per cent of solar energy) by 2030.