African Development Bank Grants $265M Loan for Two Solar Power Plants

The bank has committed $265 million for Morocco where two solar power plants named NOORM I and NOORM II with a combined capacity of 800MW

The African Development Bank (AFDB) has approved $324 million loan for two renewable energy projects in Africa. The Bank has set aside US$265 million for two solar power plants named NOORM I and NOORM II in Morocco with a combined capacity of 800 MW.

The loan support is in line with the AfDB’s New Deal on Energy for Africa that is expected to significantly increase power supplies and keep economic growth on track. A partnership-driven effort, the New Deal on Energy for Africa aims at achieving universal access to energy in the continent by 2025.

The bank has committed $265 million for Morocco where two solar power plants named NOORM I and NOORM II with a combined capacity of 800MW will be developed through a public-private partnership (PPP).

The two solar plants will be connected to the national grid and will guarantee electricity supply to more than two million Moroccans within the country — representing approximately 6 percent of the country’s population.

In Côte d’Ivoire, the AFDB bank has allocated a loan of $59m for the 44MW Singrobo-Ahouaty hydropower project to be built on the Bandama River.

AFDB president Akinwumi Adesina said: “These approvals demonstrate once again the Bank’s leadership on renewable energy in Africa. These projects will be essential to achieving the countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement. I believe this sends a strong message ahead of the One Planet Summit on Climate next week in Paris”.

AFDB says that the approval of the new renewable projects underlines its focus on clean energy in Africa where its investments in 2017 have helped in creation of additional generation capacity of 1.4GW from clean energy sources.