Morocco Snags $290Mn Chinese Coal-Fired Funds

Morocco’s ONEE has signed a MD2.5bn ($290mn) loan agreement with China Exim Bank for 85% of the MD3bn ($348mn) cost of a 318MW coal-fired power plant China’s Sepco III plans to build at Jerada in the country’s far northeast.

Although originally scheduled for late-2016 start-up, state firm ONEE now expects commissioning in 4Q17.

This is the second coal-fired project financing to be announced by ONEE in recent weeks after tying up financing with a consortium led by France’s GDF Suez for a 1.39GW coal-fired plant at Safi (MEES, 26 September).

The financing of the Jerada and Safi projects reflects a recent trend for western banks to support ‘clean’ power projects, forcing developers to seek alternatives to finance coal-fired plants. (CONTINUED - 271 WORDS)