17 November 2011: The World Bank has approved US$297 million in loans to Morocco to help finance the Ouarzazate Concentrated Solar Power (CSP) Plant Project, a 500 megawatt (MW) solar complex that will be among the largest in the world.

The plant will contribute to Morocco’s national plan to deploy 2,000 MW of solar power generation capacity by 2020. Financial support will be provided in the form of a US$200 million loan by the International Bank for Reconstruction and Development and a US$97 million loan from the Clean Technology Fund.

The first phase of the Ouarzazate plant is expected to avoid 240,000 tons of CO2 equivalent a year, as well as contribute to Morocco’s objectives of energy security, job creation,and energy exports. [World Bank Press Release, Related News]