European Investment Bank finances projects of the Moroccan Agency for Sustainable Energy

A cooperation agreement between the European Investment Bank and the Moroccan Agency for Sustainable Energy aims to assist and advance knowledge in the field of wind energy by establishing a number of initiatives totaling €2 million.

The Kingdom has for the first time signed a cooperation agreement with a European financier to support offshore wind energy extraction. It relates to the development of energy extraction projects on the Atlantic Ocean, which will be overseen by the Moroccan Agency for Sustainable Energy.

This analysis is consistent with Mazen’s efforts as a key figure in Morocco’s efforts to secure more than 52% of its electricity from renewable sources by 2030.

This mission’s goals include a technical and financial assessment of a potential offshore wind project, the identification and analysis of any necessary preliminary technical, economic, environmental, and social studies, as well as a thorough assessment of the project’s advantages.

The EIB Group’s experience in creating a new generation of offshore floating wind platforms will be useful to the evaluation mission.

With the help of the European Commission, the European Investment Bank recently completed three financing operations for wind farms. By doing so, he demonstrated his expertise in financing offshore wind farms in nations like Portugal, Norway, and Scotland.

The European Investment Bank, which manages the FEMIP Trust Fund and receives funding from 17 EU member states, the European Commission, and the United Kingdom, established the fund in 2004. This technical assistance operation is a part of that fund.

By funding project planning and execution, capacity building initiatives, and risk capital, the fund aims to ease investment, fill financing gaps in the European Neighboring Countries, and support private sector development and social and economic infrastructure in the Mediterranean region.

According to Lionel Rabel, Director of Operations for EU Neighbors, “the financing of this study to examine the potential of offshore winds for the Kingdom of Morocco fits perfectly with the EIB’s aim to promote the growth of renewable energies and support innovation.”

“Our role is to provide financing and solutions to combat climate change more effectively, and through this technical assistance mission, we contribute to the Kingdom’s ambitious climate goals and we also participate in the development of a new cutting-edge sector on a continental scale,” the same director continued.