The AfDB’s commitment of US$ 265 million will help develop two solar power plants (NOORM I and NOORM II) at a total cost of €2.048 billion with a cumulative capacity of 800 MW, under a public-private partnership (PPP), the bank said in a press release.
The solar plants will be connected to the national grid, and will guarantee electricity supplies to more than 2 million Moroccans (approximately 6% of the country’s population) and significantly reduce CO2 emissions, it added.
The investment is part of the Bank’s continued support to Morocco’s US$ 3 billion NOOR solar energy program, the source said.
Scaling up investments in energy is the African Development Bank Group’s top High 5 priority, in a continent where more than 600 million people do not have access to electricity.
The New Deal on Energy for Africa is a partnership-driven effort with the aspirational goal of achieving universal access to energy in Africa by 2025.