Join on WhatsApp
Join on Telegram
Rabat – The European Bank for Reconstruction and Development (EBRD) and Climate Investment Fund (CTF) allocated on Tuesday €53.5 million to repower Africa’s oldest wind farm Koudia Al Baida, located in the Tlat Taghramt region near Tangier, in an effort to support the country’s transition to a low-carbon economy.
EBRD reported in a press release that it will provide a senior loan of up to €44 million to the Koudia Al Baida Energy Company, owned by the Moroccan Agency for Sustainable Energy (MASEN) and EDF Renewables.
Moroccan banks Société Générale, Attijariwafa Bank, Banque Centrale Populaire, and Bank of Africa also helped contribute to the financing of the project.
An additional MAD 52 million loan (€5 million) from the European bank, as well as a €4.5 million loan from CTF, are expected to finance MASEN’s equity contribution to the Koudia Al Baida Energy Company.
Managing Director of the EBRD’s Sustainable Infrastructure Group, Nandita Parshad, noted that the European bank is “very pleased to be actively contributing to the scaling up of Morocco’s renewables together with MASEN, the Office National de l’Electricité, électrification rurale (ONEE), and all the key stakeholders.”
Parshad added that “the repowering of the Koudia Al Baida wind farm … demonstrates the long-term opportunity for renewables to play an important role in the decarbonization and increased competitiveness of Morocco’s economy.”
Read Also: EBRD President: Morocco Well Suited For A Green Revolution
The Koudia Al Baida project is expected to increase the capacity of Morocco’s first renewable independent power producer from 50 MW to 100 MW, with the aim of cutting CO2 emissions by 300,000 tonnes per year.
Morocco has adopted a rigorous strategy over the past decades to expand its renewables capacity, cut greenhouse gas emissions, and introduce sustainable economic solutions to boost local economies.
The North African country has set ambitious goals to increase its generation of clean energy from renewable energy sources, such as solar and on-shore wind power. Morocco, for instance, is set to boost the renewables’ share in the electricity mix to 80% by 2050.
The country has also signed partnerships with EBRD, French Development Agency (AFD), and the United Nations Industrial Development Organization (UNIDO) to promote industrial decarbonization and boost green economy financing.
