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European Commission supports Desertec-Medgrid MOU

The signature of a Memorandum of Understanding (MOU) between the Desertec Industry Initiative (Dii) and Medgrid, under which the development of renewable energies will be promoted in the EU and countries in the Southern Mediterranean, has been welcomed.

Morocco's solar plans are receiving increased support. Image: Flickr/hoosadork.

Energy Commissioner, Günther Oettinger has praised the MOU for establishing closer cooperation between the two private industry initiatives.

According to a statement released, the Dii and Medgrid will work together on a number of issues, including information exchanges between the EU, Middle East and North Africa, and establishing better renewable energy regulatory frameworks.

Oettinger commented, "By joining efforts and coordinating their approaches, the two initiatives take a truly European dimension. There is now a concrete perspective of solar and wind energy being produced for the joint benefit of European and Northern African and Middle Eastern citizens, as well for the benefit of both markets."

Support for Morocco

In related news, it has been reported by Reuters that the African Development Bank has pledged $498 million (€373 million) to develop renewable energy in Morocco. The financing is said to be in the final stages of approval and a decision is expected to be reached by the end of the year.

While it was not specifically said that the funds would be used for the country’s solar plans, it was recently announced that Morocco has been identified as the site for the 500 megawatt Dii project, which is set to be located in Ouarzazate.

Meanwhile, last Friday, November 18, the World Bank approved a USD$297 million loan to Morocco to aid in the financing of the 500 MW Ouarzazate Concentrated Solar Power Plant Project.