Solar Gets Key Financing Boost, But Much More Needed

Solar projects in Morocco and Jordan received a massive boost this week with the World Bank and EBRD approving $550mn in funds. This marks a significant expansion of previous funding commitments, but the IEA says more is needed.

Global financial institutions have approved funding for two landmark solar power projects that will provide much-needed electricity to two MENA region countries with limited hydrocarbon resources. The World Bank will provide $519mn to build two concentrated solar power (CSP) plants as part of Morocco’s Noor complex at Ouarzazate, while the European Bank for Reconstruction and Development (EBRD) is lending Jordan $25mn for its first solar photovoltaic (PV) plant. (CONTINUED - 1405 WORDS)