{"id":1004200103,"date":"2017-12-11T09:03:26","date_gmt":"2017-12-11T17:03:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004200103"},"modified":"2022-12-08T09:35:54","modified_gmt":"2022-12-08T17:35:54","slug":"african-development-bank-grants-324m-for-green-power-projects","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/african-development-bank-grants-324m-for-green-power-projects\/","title":{"rendered":"African Development Bank Grants $324M for Green Power Projects"},"content":{"rendered":"<p>By Anca Gagiuc<\/p>\n<p><iframe loading=\"lazy\" title=\"Lighting Up Africa : World\u2019s largest solar complex, Morocco\" src=\"https:\/\/player.vimeo.com\/video\/243848991?dnt=1&amp;app_id=122963\" width=\"500\" height=\"281\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write\"><\/iframe><\/p>\n<p>The African Development Bank has approved a $324 million loan for two renewable energy projects in Morocco and C\u00f4te d\u2019Ivoire. The approval supports the bank\u2019s focus on renewable energy in Africa, with the investment expected to contribute to 1.4 gigawatts of clean energy.<\/p>\n<p>For Morocco, the bank\u2019s commitment is $265 million, which will be used to develop two solar power plants\u2014NOORM I and NOORM II. The total cost of the private-public partnership project is more than $2 billion and will have a cumulative capacity of 800 megawatts. The facilities will generate sufficient energy to power more than 2 million Moroccans (approximately 6 percent of the country\u2019s population), while also reducing the <a href=\"https:\/\/www.commercialsearch.com\/news\/greenhouse-gas-emissions-worlds-most-responsible-companies\/\">carbon dioxide emissions<\/a>.<\/p>\n<p>The C\u00f4te d\u2019Ivoire Singrobo-Ahouaty project will receive the remaining $59 million. The funds will be used for the design, construction and operation of a 44-megawatt hydropower plant on the Bandama River.<\/p>\n<h2>Universal access to electricity<\/h2>\n<p>In a country where more than 650 million people don\u2019t have access to electricity, the approvals are in line with the New Deal on Energy for Africa, a commitment built on five inter-related and mutually reinforcing principles: raising aspirations to solve Africa\u2019s energy challenges; establishing a Transformative Partnership on Energy for Africa; mobilizing domestic and international capital for innovative financing in Africa\u2019s energy sector; supporting African governments in strengthening energy policy, regulation and sector governance; and increasing African Development Bank\u2019s investments in energy and climate financing.<\/p>\n<p><em>\u201cThese approvals demonstrate once again the bank\u2019s leadership on renewable energy in Africa,\u201d<\/em> President Akinwumi Adesina said in a prepared statement. <em>\u201cThese projects will be essential to achieving the countries\u2019 Nationally Determined Contributions under the Paris Agreement. I believe this sends a strong message ahead of the One Planet Summit on Climate next week in Paris\u201d.<\/em><\/p>\n<p><em>Video courtesy of African Development Bank<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The funds will be used for two renewable projects, one in Morocco and the other on the C\u00f4te d\u2019Ivoire, as part of a more than $2 billion project that will have a cumulative capacity of 800 megawatts.<\/p>\n","protected":false},"author":237,"featured_media":1004200317,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,16,21742,21786,21794],"tags":[38565,38566,35875],"class_list":["post-1004200103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-international","category-latest","category-sustainability","category-videos","tag-african-development-bank","tag-hydro-power","tag-solar-power"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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