Moroccan Agency for Solar Energy (MANSEN) has secured €345m in assistance from a consortium of European lenders for the construction of its Ouarzazate solar complex in the country.
The consortium consists of European Investment Bank (EIB), the Development Agency for France (AFD) and the German ministries for economic cooperation & development and environment, nature conservation & nuclear safety with the financing representing over 50% of the total project cost.
MANSEN will now under the Phase I of the construction that includes a parabolic-trough concentrated solar power (CSP) plant with 125-160MW generation capacity and 3 hours of minimum energy storage capacity.
The project is the first to be developed under the Moroccan Solar Plan and the Mediterranean Solar Plan, seeking to enhance renewable energy capacity by 20GW within 2020.
Commenting on the funding Morocco EU Delegation Ambassador Head Eneko Landaburu noted that the EU and Morocco share similar opportunities and constraints when it comes to energy, which makes it important to support the progressive integration of our respective energy markets, as well as the joint development of renewable energy.
“Today, through the grant provided by its Neighbourhood Investment Facility and the loan provided by the European Investment Bank, the European Union is strongly supporting the first flagship project under the Moroccan Solar Plan,” added Landaburu.