Bloomberg
ENVIRONMENT
By Ehren Goossens
Germany will loan more than 654 million euros ($796 million) for two solar-thermal power projects in Morocco that are among the world’s largest.
KfW, the German state-owned bank, will become the biggest lender financing the 300-megawatt Noor II and III plants near Ouarzazate in southeastern Morocco, it said in a statement. The two solar thermal-power plants will be the second and third phases of the project.
The loans are part of 1.4 billion euros in funds that have been committed for what will be Africa’s largest solar plant. The project has also gotten loans from the World Bank, the African Development Bank, European Investment Bank and the Agence Francaise de Developpement.
Construction on the two projects is expected to begin in April. The first 160-megawatt phase, which is already under construction, is set to come online in October.
The entire three-plant solar complex is expected to cost 2.2 billion euros and will supply electricity to 1.3 million people once its completed, KfW said in the statement.
To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net
To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Steven Frank, Robin Saponar
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