EIB Funds Moroccan Solar Power Plant

    The European Investment Bank has set aside euro500 million (USD682 million) for the construction of a solar power plant in the city of Ouarzazate in southern Morocco.

    The plant is expected to generate 500 megawatts of electricity, part of which will be exported to Europe, Zawya Dow Jones reports. EIB is in talks with the World Bank for additional financing for the project, the news agency adds.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.