WASHINGTON, Oct 2 (BERNAMA- NNN-MAP) -- The World Bank Group has approved financing totalling US$519 million for a Moroccan project to reduce its dependency on fossil fuels by developing its renewable energy resources, especially solar power.
A statement issued by the Bank here Wednesday said the project would support the Moroccan government's strategy of harnessing power from the sun through the use of concentrated solar power technology.
Morocco is the largest energy importer in the Middle East region, and depends on fossil fuel imports to generate more than 97 per cent of its energy.
The Noor-Ouarzazate Concentrated Solar Power Project will support the Moroccan Agency for Solar Energy to finance the expansion of Morocco's first utility-scale solar energy complex, helping increase its capacity and output, especially during peak hours, the statement added.
"Morocco stands at the forefront of climate-friendly policies in the region," said Inger Andersen, the World Bank Regional Vice President for the Middle East and North Africa (MENA).
"The country is well-positioned to benefit from its head-start at a time when other regional powers are beginning to think more seriously about their own renewable energy programs."
An initial 160-megawatt (MW) phase of the project, approved by the Bank in 2011, is currently under construction. The new package will finance the second 350-MW phase, and include the installation of solar parabolic troughs and a solar energy tower.
This project will be funded through 400 million USD from the Bank and US119 million from the Bank-administered Clean Technology Fund, said the statement.
"Apart from creating jobs, the construction of the plant and the development of Morocco's Solar Plan will establish a future source of reliable green energy," said Simon Gray, World Bank Country Director for the Maghreb. "The Noor-Ouarzazate Solar Complex alone will supply power to 1.1 million Moroccans by 2018."
-- BERNAMA-NNN-MAP