3 January 2012 – The European Investment Bank (EIB) announced that it has committed funding of US$237 million to support the extension of Morocco’s electricity grid. The loan will support phase three of a network improvement programme extending to 2015, which aims to integrate new generating units into the grid, including renewable energy, and install and upgrade some 1,300 km of overhead power lines. It will also see the installation of 6,400 MVA of transformer capacity and 150 substation bays.
The aim of this new project is to meet the fast-growing demand for electricity in Morocco improve system reliability and reduce losses. This will help to ensure the availability and accessibility of the cheapest energy possible and reduce the country’s energy dependence through the diversification of energy sources and the promotion of energy efficiency.
This loan is compatible with the EIB’s priority area of supporting secure, sustainable energy in the Mediterranean. Since 2002 the EIB has provided US$1.1 billion in Morocco for energy development and climate action.