BCP, KfW provide more Morocco RE financing
Morocco's Banque Centrale Populaire (BCP) has launched a €100m ($107.2m) green bond to be used to refinance its investments in a number of renewable energy projects in Morocco.
The bond, underpinned by a "green impact report" from the UK's Green Investment Bank, is designed to support power projects in the North African country that will have "a positive ecological impact [and] contribute to the objectives of environmental sustainability".
"This green bond, in line with BCP’s strategic plan, illustrates our continuous endeavours to promote sustainable and environmentally friendly projects through the financing of eligible investment," says BCP head of project finance Si Mohammed Hajjam.
GIB head of sustainable finance Gavin Templeton adds: "Investment in green infrastructure is growing, but the market has lacked a standard, credible and transparent method of measuring just how green investments are.
"We believe that our unique approach to green impact reporting, a method that’s been developed over four years of investing exclusively in low-carbon infrastructure projects, can help fill that gap."
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Fossil-resource-poor Morocco has one of the most ambitious renewable energy plans among emerging markets and targets to install 2GW of green power, or 42% of its electricity needs, by 2020.
Among the North African country’s key projects is the Noor-Ouarzazate solar complex that is planned to have a capacity of 580MW once all four projects are built.
Germany in the wake of the COP22 climate conference in Marrakesh this week has pledged to grant another €60m in loans from its KfW development bank for Noor 4, a 50MW PV plant.
Morocco in March has switched on the 160MW Noor 1 concentrating solar power (CSP) plant at the site at the edge of the Sahara desert.
“Morocco is carrying out an ambitious energy transition and thus is an example for Africa,” German development help minister Gerd Müller said in Marrakesh.
“We support Morocco on this path with the further build-up of the Ouarzazate solar power plant.”
Germany so far has provided €830m in financing for the solar complex at Ouarzazate.