African Development Bank Grants $324M for Green Power Projects
- Dec 11, 2017
The African Development Bank has approved a $324 million loan for two renewable energy projects in Morocco and Côte d’Ivoire. The approval supports the bank’s focus on renewable energy in Africa, with the investment expected to contribute to 1.4 gigawatts of clean energy.
For Morocco, the bank’s commitment is $265 million, which will be used to develop two solar power plants—NOORM I and NOORM II. The total cost of the private-public partnership project is more than $2 billion and will have a cumulative capacity of 800 megawatts. The facilities will generate sufficient energy to power more than 2 million Moroccans (approximately 6 percent of the country’s population), while also reducing the carbon dioxide emissions.
The Côte d’Ivoire Singrobo-Ahouaty project will receive the remaining $59 million. The funds will be used for the design, construction and operation of a 44-megawatt hydropower plant on the Bandama River.
Universal access to electricity
In a country where more than 650 million people don’t have access to electricity, the approvals are in line with the New Deal on Energy for Africa, a commitment built on five inter-related and mutually reinforcing principles: raising aspirations to solve Africa’s energy challenges; establishing a Transformative Partnership on Energy for Africa; mobilizing domestic and international capital for innovative financing in Africa’s energy sector; supporting African governments in strengthening energy policy, regulation and sector governance; and increasing African Development Bank’s investments in energy and climate financing.
“These approvals demonstrate once again the bank’s leadership on renewable energy in Africa,” President Akinwumi Adesina said in a prepared statement. “These projects will be essential to achieving the countries’ Nationally Determined Contributions under the Paris Agreement. I believe this sends a strong message ahead of the One Planet Summit on Climate next week in Paris”.
Video courtesy of African Development Bank