EBRD to finance the construction and operation of 800 MW Noor Midelt I hybrid solar plant in Morocco

EBRD has announced the provision of a EUR45 million (US$49.5 million) multi-currency loan to finance the construction and operation of a hybrid solar plant combining photovoltaic (PV), concentrated solar power (CSP) and thermal and battery storage technologies with 800 MW of installed capacity and 5 hours of energy storage, located in the region of Midelt, Eastern Morocco (the Project).

Noor Midelt is one of the first projects in the world to address both the intermittency of solar energy and the affordability of thermal energy storage through hybrid PV / CSP technology. It will contribute to climate mitigation by increasing the share of renewable energy generation in Morocco and add 800 MW of solar generation capacity to the national energy system. It will generate electricity using solar energy throughout the day and during the evening peak load at a tariff that is competitive with conventional generation. The solar park is expected to reduce annually the emission of more than 650,000 tonnes of CO2.

Furthermore, alongside this project, EBRD is deploying a technical assistance to draft the country's first grid code, which would provide transparent information to private producers regarding grid access. The project will be in line with the Bank's Green Economy Transition approach (GET).

The solar scheme is owned by the consortium of EDF EN (35)%, Masdar (30%), and Green of Africa (10%), and (25%) by MASEN, the Moroccan Agency for Sustainable Energy.