Germany will spend 15 million euros ($19.5 million) to help finance a solar-power plant in southern Morocco near the Sahara desert.
German state-owned lender KfW Group signed a contract with the Moroccan Agency for Solar Energy to provide equity for a 160-megawatt solar-thermal project near Ouarzazate, the German Environment Ministry said today in an e-mailed statement.
Construction for the facility, which would be able to store solar power for up to three hours, is scheduled to start next year and last about 12 months, it said.
Germany’s contribution was made “in close cooperation” with other donors including theWorld Bank and the European Investment Bank as Morocco aims to build 2,000 megawatts of solar power by the end of this decade, it said.
To contact the reporter on this story: Stefan Nicola in Berlin atsnicola2@bloomberg.net
To contact the editor responsible for this story: Reed Landberg atlandberg@bloomberg.net
