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.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications