Arab Today, arab today morocco solar plant secures €300 million loan
Last Updated : GMT 19:10:18
Arab Today, arab today
Arab Today, arab today

German and France invest in project

Morocco solar plant secures €300 million loan

Arab Today, arab today

Arab Today, arab today Morocco solar plant secures €300 million loan

Morocco solar plant
Marrakesh - Arabstoday

Morocco solar plant Morocco\'s pioneering 160-megawatt solar power plant took a step forward on Monday, securing European financing agreements worth 300 million euros ($385 million), or nearly half of the project\'s cost. The European Investment Bank (EIB), Germany\'s KfW bank and the French Development Agency signed the financing accords with Morocco\'s solar energy agency MASEN in Marrakesh, to support the first phase of the Ouarzazate solar complex, a joint statement said.
The announcement comes shortly after two German firms, Bosch and Siemens, said they were quitting the ambitious Desertec project, to build solar power plants across North Africa and the Middle East, dealing a blow to Europe\'s clean energy plans.
Morocco is aiming to become a world-class renewable energy producer, and is eyeing the chance to export clean electricity to neighbouring Europe.
European financial support for the Ouarzazate project following Monday\'s agreements amounts to 345 million euros, the EIB said, including grants worth 45 million euros already agreed to by the European Union and Germany.
The desert power plant will also be financed by the World Bank, which agreed to a $300-million loan last year, and the African Development Bank.
A Saudi-led consortium won the contract in September to build the first 160-megawatt phase of the Ouarzazate plant, which is expected to cost nearly $1 billion and is slated for completion in late 2014.
A second phase is expected to raise the plant\'s generation capacity to 500 megawatts by 2020.
It is the first in a series of vast solar energy projects planned in the north African kingdom.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today morocco solar plant secures €300 million loan Arab Today, arab today morocco solar plant secures €300 million loan

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today morocco solar plant secures €300 million loan Arab Today, arab today morocco solar plant secures €300 million loan

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday