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The World Bank will provide a US$519mn loan to finance two solar power plants with a combined capacity of 350MW in Morocco
The plants are part of the second and third phases of the 500MW Noor Project in Ouarzazate, according to bank officials. The World Bank is directly providing US$400mn while the remaining US$119mn is being given by the bank’s Clean Technology Fund to the Moroccan Agency for Solar Energy (MASEN), stated project officials.
The project involves the construction of 150MW to 200MW of parabolic trough concentrated solar power (CSP) and a 100MW to 150MW solar power tower CSP plant. These follow the development of a 160MW parabolic trough CSP, which was constructed in May 2013.
According to PV Magazine, the cost of the next two phases totals US$2.68bn, of which MASEN will provide US$357mn. The remaining US$1.80bn will be provided by various development banks and funds such as The German Development Bank (KfW) and the European Investment Bank (EIB).