AFDB approves $324m for renewable projects in Morocco and Côte d’Ivoire
The African Development Bank (AFDB) has approved a loan of $324m to support two renewable energy projects in Morocco and Côte d’Ivoire with a combined capacity of 844MW.
The loan, which is in line with the New Deal on Energy for Africa, is expected to help the countries increase power supplies significantly and keep economic growth on track.
By 2025, the New Deal on Energy for Africa aims to achieve universal access to energy in the continent.
According to AFDB, more than 600 million people are yet to get access to electricity.
Of the total amount, AFDB has committed $265m for Morocco where two solar power plants NOORM I and NOORM II with a combined capacity of 800MW will be developed through a public-private partnership (PPP).
The solar plants once connected to the national grid will cover the electricity needs of more than two million people in the country while significantly reducing CO2 emissions.
In Côte d’Ivoire, the bank has allocated $59m for the 44MW Singrobo-Ahouaty hydropower project to be built on the Bandama River.
AFDB president Akinwumi Adesina said: “These approvals demonstrate once again the Bank’s leadership on renewable energy in Africa.
“These projects will be essential to achieving the countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement. I believe this sends a strong message ahead of the One Planet Summit on Climate next week in Paris”.
According to AFDB, approval of the new renewable projects underlines its focus on clean energy in Africa where its investments this year have helped in creating additional generation capacity of 1.4GW from clean energy sources.
AFDB to support two renewable energy projects in Morocco and Côte d’Ivoire. Credit: African Development Bank Group