19 November 2012 - The European Investment Bank has committed €300 million to support the development of the Ouarzazate solar complex in Morocco, which it describes as the first major solar project in North Africa.
The commitment, which was signed earlier today in Marrakech, represents more than 50 percent of the total cost of the project. In addition to the EIB, signatories to the deal include the Development Agency for France (AFD), KfW Entwicklungsbank (KfW) and MASEN.
The loan package was facilitated by a €30m grant contribution from the European Union in December 2011.
“As the lead European financial institution on this project, the EIB is proud to contribute both its financing and its technical expertise acquired across Europe for all sources of renewable energy," said EIB Vice-President Philippe de Fontaine Vive. " The first phase of Ouarzazate is a milestone for the success of the Mediterranean Solar Plan in the region. It provides a strong and green signal for the future in terms of technology, economic and energy development, and job opportunities.” read more>>>
12 November 2012 - Renewable energy developer Mainstream Renewable Power has signed the key financing, power-purchase and implementation agreements with the South African Government for one wind and two solar projects.
As a result, Mainstream has given the green light for its construction teams to commence to work on the projects, which are valued at €500 million. All three projects are expected to be completed and producing power by mid-2014.
“This milestone reinforces the leading position of Mainstream in the South African electricity market,” said Eddie O’Connor Mainstream’s Chief Executive. “We have recently raised money on the world markets which we are delighted to commit to developments in South Africa and we look forward to having the 238MW of wind and solar plant operational in mid 2014.”
He continued: “The South African government has shown tremendous vision and foresight in creating this new and sustainable industry for South Africa, firmly placing it on the world map for renewable energy generation. read more>>>