African Development Bank increases funding for Moroccan solar power plant

08 April 2008
The African Development Bank has granted a further $237.9m loan to Rabat to fund a planned solar power project at Ain Beni Mathar in northeast Morocco.

The transaction, which brings the bank’s total contribution to the project to $453.5m, was announced on 8 April.

The loan will cover the cost of increasing the capacity of the planned solar/thermal hybrid plant from 250 megawatts (MW) to 472MW. It will be paid off in 20 years, including a five-year grace period.

State energy company Office Nationale de l’Electricite (ONE) is developing the plant. Spain’s Abengoa is carrying out the main construction package (MEED 18:12:07).

ONE has committed $157m to the project, while the Global Environment Fund will provide $57.6m.

The Global Environment Fund is jointly managed by the World Bank, the UN Development Programme and the UN Environment Programme.

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