African Development Bank Approves $265 Million Loan for Solar Project

In line with the New Deal on Energy for Africa, the African Development Bank has approved a $265 million loan for a renewable energy project in Morocco that is expected to significantly increase power supplies and keep economic growth on track.
African Development Bank Approves $265 Million Loan for Solar Project

The Bank’s commitment of $ 265 million will aid in the development of two solar power plants (NOORM I and NOORM II) with a cumulative capacity of 800 MW, under a public-private partnership. The solar plants will be connected to the national grid, and will guarantee electricity supplies to more than 2 million Moroccans (approximately 6% of the country’s population) and significantly reduce CO2 emissions. The investment is part of the Bank’s continued support to Morocco’s NOOR solar energy program.

The approval underscores the Bank’s focus on renewable energy in Africa. This year alone the Bank’s investments will contribute to 1.4 GW of additional generation capacity exclusively from renewable energy sources.

“These approvals demonstrate once again the Bank’s leadership on renewable energy in Africa.” President Akinwumi Adesina stated. “ I believe this sends a strong message ahead of the One Planet Summit on Climate next week in Paris.”

The New Deal on Energy for Africa is a partnership-driven effort with the goal of achieving universal access to energy in Africa by 2025.

Photo courtesy African Development Bank

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