The European Commission has signed a €43 million financing agreement for one of the world's largest solar energy projects in Morocco.
The EIB-backed project is phase three of the Ouarzazate Solar Complex in central Morocco which will see the installation of a 100-150 Megawatt Concentrated Solar Power (CSP) tower. This will add to the 160 MW CSP plant already installed and 150-200 MW CSP Parabolic Trough plant in the same area. A further 50 MW of solar power capacity is expected to be installed at the Ouarzazate site in the next three years, with the overall objective of reaching a 560 MW capacity by 2016.
The project's main aim is to scale-up the production of renewable energy in Morocco to shore-up the country's energy security, diversify its energy sources, cut its carbon emissions and create jobs.