EIB to finance Ouarzazate phase II


Issue 264 - 26 Oct 2013 | 1 minute read

A E250m ($344m) loan for the Moroccan Agency for Solar Energy is under appraisal at the European Investment Bank (EIB), for the 200MW second phase of the Ouarzazate concentrated solar power (CSP) complex. This loan would represent 23.5% of the total cost, estimated at E1.06bn. The project – along with solar developments in South Africa – is key to establishing the viability of large-scale solar energy in Africa. Ouarzazate’s planned total 500MW makes it exceptional, and while phase 1 had huge international support, maintaining a high level of affordable international finance is crucial for such a capital intensive and strategically important project, which offers long-term energy security while meeting Morocco’s sustainable development goals. 


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