MOROCCO – The European Bank for Reconstruction and Development (EBRD) and Climate Investment Fund (CTF) are providing €53.5 million (US$54.28m) to repower Africa’s oldest wind farm located in Morocco in an effort to support the country’s transition to a low-carbon economy.

The wind farm mis located in Koudia Al Baida, Tlat Taghramt region near Tangier. It is expected to increase the capacity of Morocco’s first renewable independent power producer from 50 MW to 100 MW, with the aim of cutting CO2 emissions by 300,000 tonnes per year.

EBRD reported in a press release that it will provide a senior loan of up to €44 million (US$44.64m) to the Koudia Al Baida Energy Company, owned by the Moroccan Agency for Sustainable Energy (MASEN) and EDF Renewables.

Moroccan banks Société Générale, Attijariwafa Bank, Banque Centrale Populaire, and Bank of Africa also helped contribute to the financing of the project.

An additional €5 million (US$5.07m) from the European bank, as well as a €4.5 million (US$4.57m) loan from CTF, are expected to finance MASEN’s equity contribution to the Koudia Al Baida Energy Company.

Managing Director of the EBRD’s Sustainable Infrastructure Group, Nandita Parshad, noted that the European bank is “very pleased to be actively contributing to the scaling up of Morocco’s renewables together with MASEN, the Office National de l’Electricité, électrification rurale (ONEE), and all the key stakeholders.”

“The repowering of the Koudia Al Baida wind farm demonstrates the long-term opportunity for renewables to play an important role in the decarbonization and increased competitiveness of Morocco’s economy.”

Morocco has adopted a rigorous strategy over the past decades to expand its renewables capacity, cut greenhouse gas emissions, and introduce sustainable economic solutions to boost local economies.

The North African country has set ambitious goals to increase its generation of clean energy from renewable energy sources, such as solar and on-shore wind power. Morocco, for instance, is set to boost the renewables’ share in the electricity mix to 80% by 2050.

The country has also signed partnerships with EBRD, French Development Agency (AFD), and the United Nations Industrial Development Organization (UNIDO) to promote industrial decarbonization and boost green economy financing.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s businesseconomy, and more. SUBSCRIBE HERE