IFC and Government of Morocco Look to Solar Energy to Increase Electricity Production

With the desert sun beating down, it seems only logical that Morocco should harness the benefits of solar energy. However, as a relatively new area of energy production, plenty of questions remain about its effective implementation. That’s why IFC and the Government of Morocco have signed an agreement to support the development of a solar power plant to promote renewable sources of energy to meet growing electricity demands.

IFC will help the Moroccan Agency for Solar Energy (MESEN) carry out a feasibility assessment of the project, with the goal of assessing the potential for private sector investment in the project. The solar power plant facility will be near the city of Ouarzazate and is planned to consist of one or more solar power plants with an aggregate capacity of 500 mega-watts.

The solar facility is part of the Moroccan government's ambitious plans to start development of solar power generation in 2010. The government aims to create 2,000 mega-watts of solar-generated electricity per year by 2020. This would represent 14 percent of the total electricity generated in 2020, avoiding yearly emissions of 3.7 million tons of carbon dioxide.

Joumana Cobein, IFC Principal Country Officer for Morocco, says, “IFC’s partnership with the Moroccan government will not only increase electricity generation, but will support environmental sustainability through the development of a key power generation source – solar energy.”

Part of IFC’s strategy in Morocco is to develop the private sector’s involvement in infrastructure development. IFC is active in addressing environmental concerns by increasing its activity in sustainable finance and environmental sustainability projects in the Middle East and North Africa region and by continuing to implement environmental and social sustainability principles in its investments.