The Noor-Ouarzazate solar complex represents a remarkable achievement in the field of solar energy, highlights the report “The Renewable Energy Investment Case for Africa.”
It is one of the largest concentrated solar power plants in the world, with a total capacity of 582 MW derived from both concentrated solar power (CSP), which provides 510 MW, and photovoltaic (PV) technologies for the remaining 72 MW, notes the document released in Addis Ababa on the sidelines of the 2nd Climate Summit (September 8-10).
The report points out that this project is the cornerstone of Morocco’s national strategy to increase the share of renewable energy to 52% of its capacity by 2030 and to ensure energy independence.
This is a significant ambition, states the same source, recalling that the project was developed under a public-private partnership (PPP), with the Moroccan Agency for Sustainable Energy (MASEN) as the main developer and a consortium led by the private company ACWA Power.
The project relies on a mixed financing model, with major international institutions, such as the World Bank, the African Development Bank, and the European Investment Bank, providing concessional loans that have reduced the overall cost of electricity produced by the complex by 10 to 25%.
The report indicates that this cost reduction has mitigated project risks and enabled the financial viability of the long-term power purchase agreements.
MASEN played a crucial role in streamlining the development process, the document notes, asserting that the solar complex has had significant environmental and economic impacts.
Noor-Ouarzazate supplies electricity to more than 1.1 million Moroccans and contributes about 5% of the national electricity supply, the report specifies, noting that the project created thousands of jobs during the construction phase and stimulated local economic development.
This report, jointly prepared by the Enzi Ijayo Africa Initiative (EIAI) and Africa Climate Insights (ACI) with contributions from Zero Carbon Analytics (ZCA), examines investment opportunities in renewable energy in Africa.
MAP Ecology