Morocco – Second and Third Phase of the Noor Concentrated Solar Power Project (Approved)
Project ID: P131256 | Project Status: Active
Approval Date: 30/10 /14
DESCRIPTION
World Bank approved the loans for the Noor-Ouarzazate Concentrated Solar Power (CSP) Plant Project for the Kingdom of Morocco (R2014-0214) in the amount of (a) US$ 400 million equivalent from IBRD and (b) US$119 million from the Clean Technology Fund (CTF) on the terms and conditions set out in the President’s Memorandum. Directors noted the Project’s potential transformational impact in light of World Bank Group’s twin goals and objective to contribute to climate change mitigation. They commended the Government of Morocco’s commitment to increasing the share of renewable energy, including CSP technology, in its national energy capacity. Directors underscored that diversification of energy sources will generate a range of development benefits for the country, including enhanced energy security, promoting sustainable development, strengthening the competitiveness of the relevant sectors, improving local manufacturing capacity, and creating jobs.