The European Bank for Reconstruction and Development (EBRD) announced on Tuesday its support for Morocco in its transition to a low-carbon economy, by co-financing the modernization of the Koudia Al Baida wind farm in the north of the country. .
Thus, the EBRD grants a loan of up to 44 million euros to Koudia Al Baida Energy Company SA, a mutual fund held by the Moroccan Agency for Sustainable Energy (MASEN) and EDF Renewables, indicates the institution in a press release.
This financing is part of a line of credit provided by a group of international and Moroccan banks, namely Société Générale, Attijariwafa Bank, Banque Centrale Populaire and Bank of Africa, specifies the EBRD, which will also grant a loan of 52 million dirhams , while the Climate Technology Fund (CTF) of the Climate Investment Fund (CIF) will provide a EUR 4.5 million loan to MASEN to finance its participation in the debt pool.
Thanks to this investment, the Koudia Al Baida wind farm, with a capacity of 50 MW, will see its power increased to 100 MW.
Located in the region of Tlat Taghramt, near Tangier, this park is the oldest on an industrial scale in Africa and the first independent producer of renewable energy in Morocco, recalls the EBRD, stressing that the renewable energy produced by the new park will reduce CO2 emissions by approximately 300,000 tonnes per year.
“The EBRD is very proud to support MASEN and EDF Renewables in the modernization of the Koudia Al Baida wind farm. This project demonstrates the long-term opportunity for renewable energies to play an important role in decarbonizing and developing the competitiveness of the Moroccan economy,” said the Managing Director of the EBRD’s Sustainable Infrastructure Group, Nandita Parshad.
Quoted in the press release, she said that “the EBRD is very happy to actively contribute to the development of renewable energies in the Kingdom, in collaboration with MASEN, the National Office for Electricity and Drinking Water (ONEE) and all the main stakeholders”.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested more than €3.5 billion in the country through 88 projects.