The African Development Bank Group President Akinwumi Adesina and Mustapha Bakkoury, President of Moroccan agency Masen, have signed a letter of intent marking a new cooperation initiative as part of the ‘Desert to Power’ programme. The ceremony took place on the first day of the Africa Investment Forum, in Johannesburg, South Africa.
The goal of this partnership is to support African countries, especially those in the Sahel region targeted by the ‘Desert to Power’ initiative, to develop renewable energy technologies adapted to their natural environments and specific energy needs.
Masen’s expertise in renewable energy will be combined with the operational experience of the African Development Bank to strengthen regional integration, focusing on the transfer of technology, capacity building, technical assistance, and project development in renewable energies and resource mobilisation.
“Morocco is a reference in terms of renewable energy,” said Akinwumi Adesina, President of the African Development Bank, at the signing ceremony held Tuesday. “When I visited the Noor Ouarzazate complex, in which the Bank has invested considerably, I was fascinated to learn that it had been built using Moroccan know-how. It is proof that Africa can achieve great things, and perform to international standards.” Adesina added.
“That is why we have asked Morocco to support us in the ‘Desert to Power’ initiative that we are developing in the Sahel. This is a strategic partnership that combines leadership and technical expertise. Together, we shall scale up efforts to power Africa.”
For the Bank, this partnership is a way of further strengthening its continued and outstanding cooperation with Morocco. With commitments of over US$1 billion, renewable electricity production projects (solar, wind and hydro) account for some 80% of the Bank’s portfolio in the Kingdom’s energy sector.
In particular, the African Development Bank was the foremost financial contributor to the 160-MW Noor Ouarzazate power plant in the Noor Ouarzazate Solar Complex, contributing nearly 30% of the total investment cost. The Bank is also participating in the funding of Noor Ouarzazate II (200 MW) and Noor Ouarzazate III (150 MW).
Morocco has the ambitious goal of increasing its share of renewable energy to over 52% by 2030. The Kingdom is hoping to share its renewable energy development model with the whole continent, with the goal of contributing to the acceleration of Africa’s energy transition as part of its sustainable and inclusive growth. “It should be possible for our expertise to spread over the entire continent,” said Moroccan Minister of Economy and Finance Mohamed Benchaaboun, at the signing ceremony.
More broadly, this operation contributes to the achievement of the New Deal on Energy for Africa, which is intended to install 10 GW of renewable production capacity by 2025.
Original source: AfDB
Published on 7 November 2018
