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The plant in Morocco will produce enough energy for more than a million households once all three parts are in operation. The Noor-Ouarzazate CSP complex should achieve over 500MW installed capacity 2018.
CSP installations use mirrors or lenses to concentrate sunlight onto a small area.
“With this bold step toward a clean energy future, Morocco is pioneering a greener development and developing a cutting edge solar technology,” said Marie Francoise Marie-Nelly, World Bank country director for the Maghreb. “The returns on this investment will be significant for the country and its people, by enhancing energy security, creating a cleaner environment, and encouraging new industries and job creation.”
CSP is such a promising technology that the International Energy Agency estimates that it could provide up to 11% of the world’s electricity generation in 2050.
Despite the potential of CSP, relatively high technology costs deter utilities from investing. Concessional and public financing were key to getting the project off the ground. The Moroccan Agency for Solar Energy secured the US$3bn needed for the Noor-Ouarzazate complex from the African Development Bank (AfDB), the Climate Investment Funds (CIF), European financing institutions and the World Bank.
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