Morocco secures €300mln from EIB and KfW to strengthen grid, boost renewables
Morocco's National Office of Electricity and Drinking Water (ONEE) has secured €300 million in financing from the European Investment Bank (EIB) and the German development bank KfW to strengthen its electricity transmission infrastructure and support the country's energy transition.
The funding, which includes €170 million from the EIB and €130 million from KfW, will be used to upgrade and extend the national grid by 731 km and increasing its evacuation capacity by 1,850 MVA, accordinng to a Frenck language press statement by EIB.
The investment is part of ONEE's broader 220 billion Moroccan dirhams ($21.7 billion) roadmap through 2030, with MAD 177 billion dedicated to the power sector.
The financing complements earlier investments such as the 270 MW Jebel Lahdid wind farm, co-financed by the EIB, KfW, and the European Union.
ONEE has an installed capacity of 12,017 megawatts (MW), 45.4 percent of which comes from renewable energy, and is developing 12.5 gigawatts (GW) of additional capacity by 2030.
Morocco is aiming for 56 percent of installed capacity from renewables by end-2027.
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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