Trio of EU lenders pony up $380m for Moroccan CSP plant

Morocco crossed two key milestones in its quest to become a solar powerhouse, finalising a €300m ($383.6m) loans package from a trio of European institutions and signing a $1bn engineering, procurement and construction (EPC) deal with Saudi Arabia’s ACWA Power.

The package of soft loans from the European Investment Bank, the French Development Agency and Germany’s KfW had been pledged previously, and will cover nearly 30% of the estimated cost of the €1.04bn first phase of the Ouarzazate concentrating solar power (CSP) complex in south-central Morocco.

Other organisations financially backing the project include the World Bank, the African Development Bank and the Moroccan government. Last year, the EU provided a €30m grant via its Neighbourhood Investment ¬Facility.

“The EU and Morocco share similar opportunities and constraints when it comes to energy, which makes Log in to read complete article.

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