Morocco gets funds for thermo-solar plant

RABAT, Morocco, April 9 (UPI) -- The African Development Bank has granted Morocco a 20-year, $238 million loan to build a thermo-solar power plant, Xinhua News Agency reported.

AfDB previously loaned Morocco $214 million to fund the $710 million project.

The rest of the funding is expected to come from the Global Environment Fund, the Spanish Development Agency and a local state-owned electricity company.

Moroccan Finance Minister Salaheddine Mezouar described AfDB as a "solid partner" of Morocco and said the financial institution has supported the country in several projects.

AfDB Vice President Thierry De Longuemar said Morocco is one of the bank's most important clients.

The plant is considered to be the world's first thermo-solar combined power plant. Construction began on March 28 and once complete, it's expected to have a capacity of 472 megawatts, including 20 megawatts from the solar component.