As part of its New Deal on Energy for Africa, the African Development Bank has approved $324 million in loans support to two renewable energy projects.
$265 million has been earmarked for two solar power plants – NOORM I and NOORM II – in Morocco. Overall project costs are said to total €2.048 billion.
When complete, the plants will will be connected to the national grid, where the 800 MW are expected to supply around 6% of the country’s population.
“The investment is part of the Bank’s continued support to Morocco’s US$ 3 billion NOOR solar energy program,” said the bank in a statement released.
In June, it was announced that the NOORM I plant would receive a $25 million loan from the Climate Investment Funds’ Clean Technology Fund (CIF CTF). Last November, meanwhile, the Moroccan Agency for Solar Energy (Masen) said it would issue a $118 million bond for the NOORM 1 project.
The two NOORM projects will consist of two separate CSP plants, each with 150 to 190 MW CSP capacity, and a minimum of five hours of thermal storage. PV capacity is expected to be between 150 and 210 MW.
By 2030, Morocco aims to source 52% of energy from renewables, 20% of which should comprise solar.
The remaining $59 million will go towards a 44 MW hydropower plant in the Côte d’Ivoire, said the African Development Bank.