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Friday, 18 November 2011

Solar Energy In Morocco: World Bank Lends $ 297 Million

The World Bank announced in Thursday that it had approved a total of $ 297 million loan to Morocco to help them finance the construction of a solar power generation in Ouarzazatein.

Morocco had announced back in 2009, this ambitious project, providing an investment of $ 9 billion for a capacity of 2,000 megawatts in 2020. The construction should start in 2012.

The first plant is to be built with a total capacity of 500 megawatts and is going to be one «amongst the largest in the world», said the World Bank.

The president of the institution of development assistance, Robert Zoellick, welcomed in a statement the participation in the project that “demonstrates the commitment of Morocco for lowering the carbon emissions and may show the enormous potential of solar energy in the Middle East and North Africa”

“This solar project could advance the potential of this technology, create many jobs in the region, help the EU meet its targets for reducing CO2 emissions, and deepen economic integration and energy around the Mediterranean. There definitely are many winners,” said Zoellick.

Many European companies are involved in the project, which most of them are German companies and we can mention: the Reinsurer Munich Re, the Energy Groups E.ON and RWE or Deutsche Bank, joined in as and by other partners, including the Italian Enel and Terna, the French Saint-Gobain and the Spanish Red Electrica.

The French Development Agency in July announced participation in the form of a loan of 100 million and a grant of 300,000 euros.

Basma – Green Energy International Correspondent – 14/11/11

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