SeeNews Renewables
by Mariyana Yaneva
Author: grendelkhan. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Moroccan electricity and water utility company ONEE has arranged to receive a loan of EUR 35 million (USD 38m) to fund its hydro power overhaul programme.
The lender is the European Bank for Reconstruction and Development (EBRD) and it is the third transaction between the two, confirming EBRD’s strong involvement in the power sector in Morocco.
ONEE will use the funds to finance a rehabilitation programme of 12 small- and medium-sized hydropower plants and the refurbishment of safety elements, to extend the lifespan of the plants and improve their energy efficiency.
The project will also provide support to the adoption of environmental and hydrological best practice and enhance the management of the country’s water resources, which are highly exposed to climate change risks.
“Investing in renewable energy is a priority for the EBRD in Morocco,” Laurent Chabrier, the EBRD Director for Morocco, said in a statement.
