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					</table>International Finance Corporation (<a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">IFC</a>) has signed an agreement with phosphate-based fertilizer producer <a href="https://www.ocpgroup.ma/" target="_blank" rel="noopener">OCP</a> for a €100 million (~$110.5 million) green loan to build four solar projects of 202 MW in Morocco.
The projects will be constructed in the mining towns of Benguerir and Khouribga, home to Morocco’s largest phosphate reserves.
The project is part of OCP&#8217;s $13 billion Green Investment Program, which aims to increase its green fertilizer production and transition its operations to green energy by 2030.
The projects will help OCP achieve its goals of sourcing 100% of the company’s electricity needs through wind, solar, and cogeneration by 2027.
OCP Group Chairman and CEO Mostafa Terrab said, “Securing this loan is a testimony to the partnership we are building with IFC and the alignment of our institutions addressing the global challenges of food security and climate change simultaneously.&#8221;
IFC Managing Director Makhtar Diop commented, &#8220;Climate change and food security are deeply intertwined. With this investment, we are helping build a food system for Africa and the world that is both more sustainable and more secure.&#8221;
The projects align with IFC&#8217;s Global Food Security Platform, which is a $6 billion financing facility launched in 2022 to strengthen the private sector&#8217;s ability to respond to the food crisis and help support the sustainable production of food.
The projects also support IFC&#8217;s mandate to help emerging countries access private capital to implement climate-friendly projects, decarbonize their economies, and adapt to a warming planet.
In 2021, IFC provided OCP with a $100 million loan to support its subsidiary, OCP Africa, to increase the availability of fertilizers and improve training on practices on local soils and crops in Côte d&#8217;Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal, and Tanzania.
In March, IFC <a href="https://www.mercomindia.com/ifc-invests-in-tata-sustainability-bonds" target="_blank" rel="noopener">announced</a> an investment of ₹3.75 billion (~$46 million) through sustainability-linked bonds issued by Tata Cleantech Capital to help the latter advance as a green financier while supporting its climate and sustainability targets.
Also in the same month, IFC <a href="https://www.mercomindia.com/ifc-invests-%e2%82%b96-billion-in-mahindras-mobility-firm" target="_blank" rel="noopener">announced</a> an investment of ₹6 billion (~$72.9 million) in a subsidiary of Mahindra &amp; Mahindra to expand the reach of affordable electric three-wheelers and small commercial vehicles.

IFC Loans $110 Million to Fertilizer Producer for Solar Projects in Morocco

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					</table>Wind projects could shore up revenue and jobs for the economies of Argentina, Colombia, Egypt, Indonesia, and Morocco which have a combined potential of 3.5 GW, Global Wind Energy Council (<a href="https://gwec.net/" target="_blank" rel="noopener">GWEC</a>) said in a recent report.
These countries can generate additional revenues of  $12.5 billion and create 130,000 full-time equivalent work years over the next five years by tapping into the vast potential of wind energy.
However, these countries can achieve the full potential of wind capacity addition if they dismantle the barriers of policy frameworks, transmission infrastructure, and permitting programs. It would help them expedite their capacity addition and rake in higher benefits.
Argentina
Argentina has 3.3 GW of installed onshore wind capacity and is projected to install around 300 MW per year under normal circumstances from 2023 to 2027.
In an expedited scenario, Argentina could potentially install 31% more onshore wind energy capacity in the next five years.
This increase in wind energy capacity could lead to a 57% rise in full-time equivalent jobs, creating 64,000 new positions in the sector.
Additionally, it could contribute to a 45% increase in the country&#8217;s gross value, generating over $1 billion in additional economic activity.
To accelerate the shift towards wind energy, the report recommends several measures such as allowing revenue and profits from wind projects to be expatriated in dollars, incentivizing small and medium-sized decentralized projects through the RenovAr program, improving industry visibility by establishing an auction pipeline with a 3-4 year timeframe, and increasing coordination between grid development and future energy generation plans.
Colombia
Colombia has a mere 23 MW of installed onshore wind capacity, with GWEC projecting that it will install between 300-800 MW per year under a normal scenario from 2023 to 2027.
In an accelerated scenario, Colombia could install 44% more onshore wind energy capacity in the next five years. This increase in wind energy could lead to almost 150,000 new full-time equivalent jobs and a remarkable 77% increase in the country&#8217;s gross value, generating an extra $3 billion in economic activity.
To accelerate the shift towards wind energy, the report recommends improving industry visibility by establishing an auction pipeline with a 3-4 year timeframe, simplifying the permitting, environmental, and social licensing process, increasing government spending commitments directed at grid modernization and expansion, promoting a reliable operation and preventing bottlenecks, and continuing to strengthen dialogue between the government and renewable energy stakeholders.
Egypt
Egypt has 1,700 MW of installed onshore wind capacity, with GWEC forecasting that it will install between 250-700 MW per year under normal circumstances between 2023 to 2027.
In the expedited scenario, Egypt could potentially install 45% more onshore wind energy capacity in the next five years, representing an additional 1.15 GW, 164,000 full-time equivalent jobs, and potentially more than $2 billion for the economy.
To accelerate the transition towards wind energy, the report recommends that the government continue to increase or at least maintain the tariffs that support wind energy, accelerate the electrification of transport and industry, and increase interconnections between neighboring countries. Additionally, the report suggests allowing private offtake agreements for larger wind projects.
Indonesia
Indonesia has 150 MW of installed onshore wind capacity, with GWEC predicting an installation rate of around 75-100 MW per year under normal circumstances between 2023 to 2027.
However, under an accelerated transition scenario, Indonesia&#8217;s onshore wind energy capacity by 26% over the next five years, adding an extra 115 MW of green electricity and creating a sector that employs more than 50,000 people, an increase of 50%.
To accelerate the transition towards wind energy, the report recommends that the government commission a government-funded study to establish optimal locations for wind energy projects and ringfence those locations for wind development only.
It also suggests increasing government spending commitments directed towards grid modernization and expansion to promote a reliable operation and prevent bottlenecks. Finally, the report recommends promoting energy mix diversification and competitive procurement processes to ensure low-cost renewable energy supply meets decarbonization commitments.
Morocco
Morocco has 1,512 MW of installed onshore wind capacity and is expected to install about 200-510 MW per year under a business-as-usual scenario from 2023 to 2027.
However, under an accelerated transition scenario, Morocco could install 43% more onshore wind energy capacity in the next five years. This means the country could add an extra 638 MW of capacity, creating another 75,000 jobs and generating over $1 billion in additional economic activity.
To accelerate wind energy development in Morocco, some recommendations are to equalize grid costs for independent power producers and ONEE, allow wind and solar projects to share grid connection points, use Morocco&#8217;s green hydrogen targets to further incentivize wind energy production, and facilitate power purchase agreement matchmaking.
A previous report in early 2022 <a href="https://mercomindia.com/wind-can-pump-18-billion-gross-value/" target="_blank" rel="noopener">studied</a> the socioeconomic benefits for Brazil, India, Mexico, South Africa, and The Philippines. The study found that typically a 1 GW/year installation rate over five years could unlock $18 billion in gross value added to the national economies of these countries over wind farms&#8217; lifetime.
According to GWEC, onshore wind installations in India is <a href="https://mercomindia.com/onshore-wind-installations-in-india-forecasted/" target="_blank" rel="noopener">forecasted</a> at 4.1 GW in 2023.

Expedited Wind Projects to Help Developing Economies Generate Revenue and Jobs

The Moroccan Agency for Sustainable Energy (<a href="http://www.masen.ma/en" target="_blank" rel="noopener noreferrer">Masen</a>) has issued a tender to develop 400 MW of solar projects as a part of its Noor PV-II multi-site program.
The last date for the submission of bids is January 31, 2021.
The scope of work includes the design, financing, and construction of solar projects and their maintenance and operation.
The agency has identified several sites for developing these projects, following geotechnical, topographic, and seismic studies, and solar data measurements.
According to the tender document, 48 MW of solar projects each will be developed at Sidi Bennour, Kelaa Srghna, and Bejaad. Projects of 36 MW of capacity each will be developed at Taroudant and El Hajeb. Projects with capacities between 12 MW and  44 MW totaling 184 MW, will be developed at Ain Bni Mathar.
Masen will allocate lands with grid connection and suitable infrastructure to successful bidders. It will remain the landowner and provide the Rights of Area to successful bidders to develop these projects.
The agency will also sign power purchase agreements with successful bidders to procure 20% of annual electricity generated by these projects.
Morocco, as per its energy strategy launched in 2009, aims to increase its renewable energy capacity up to 6 GW by 2030. It set a target to enhance renewables&#8217; share in its national energy mix to 52% by the same year.
According to its solar program, Morocco was to set up 2 GW of solar projects in five cities &#8211; Ouarzazate, Ain Bni Mathar, Foum Al Oued, Boujdour, and Sebkhat Tah. Resources for the program are mobilized under the Energy Development Fund with about $500 million grant from Saudi Arabia, $300 million from the United Arab Emirates, and $200 million from the Hassan II Fund for Economic and Social Development.
In March 2020, Azelio, a Swedish renewable energy storage company, <a href="https://mercomindia.com/swedens-azelio-energy-storage-morocco/" target="_blank" rel="noopener noreferrer">installed</a> a renewable energy storage system with round-the-clock clean power production at the Noor Quarzazate solar complex in Morocco. The project was part of the technical and business development agreement signed between Azelio and Masen.
Mercom earlier <a href="https://mercomindia.com/consortium-800-mw-hybrid-solar-morocco/" target="_blank" rel="noopener noreferrer">reported</a> that a  consortium of EDF Renewables, Abu Dhabi Future Energy Company (Masdar), and Green of Africa had emerged as the winner of a tender for the design, financing, construction, operation, and maintenance of the 800 MW Noor Midelt Phase 1 multi-technologies solar power project.

Morocco Issues Tender for 400 MW of Solar Projects

<a href="https://www.azelio.com/" target="_blank" rel="noopener noreferrer">Azelio</a>, a Swedish renewable energy storage company, has completed installing a renewable energy storage system with round-the-clock clean power production at the Noor Quarzazate solar complex in Morocco.
According to a news report, the project is part of the joint technical and business development agreement signed between Azelio and Moroccan Agency for Sustainable Energy (<a href="http://www.masen.ma/en" target="_blank" rel="noopener noreferrer">Masen</a>). The verification of renewable energy storage will take place in the first quarter of 2020, and the commercial installations will take place later, followed by volume production in 2021.
Speaking on the occasion of the inauguration of the renewable energy storage system, Jonas Eklind, said, “We have an ambitious plan for the development and commercialization of our technology, where Masen’s experience in renewable energy is of great value. Being present on one of the world’s leading arenas for renewable energy marks a big step for Azelio and is the platform from where we take the next step in becoming a global industrial player.”
Azelio says it has discovered a solution that can store energy from solar and wind sources and make it available round-the-clock as electricity and heat. The system developed by Azelio uses aluminum as the medium, and it contains no rare medium and elements. The capacity of the system remains constant and suffers no reduced capacity over time.
Another feature that sets the storage system apart from other such systems is that it is scalable from 100 kW to 100 MW, and this makes it a highly affordable and viable alternative.
Speaking on the collaborative effort between Masen and Azelio, Mustapha Bakkoury, CEO of Masen, said, “Our collaboration with Azelio is a good example of Masen’s R&amp;D strategy to evaluate, co-develop, and promote disruptive solutions. We are proud to Azelio’s energy storage represented on Noor Ouarzazate solar complex.”
In June last year, a consortium of EDF Renewables, Abu Dhabi Future Energy (Masdar), and Green of Africa had <a href="https://mercomindia.com/consortium-800-mw-hybrid-solar-morocco/" target="_blank" rel="noopener noreferrer">emerged</a> as the winner of a tender for the design, financing, construction, operation, and maintenance of the Noor Midelt Phase 1 multi-technologies solar power project. The project, consisting of concentrated solar power and photovoltaic technology, will have a size of 800 MW and claims to be the world’s first advanced hybridization of concentrated solar power and PV technologies.
Meanwhile, India’s Ministry of New and Renewable Energy (<a href="http://mnre.gov.in/" target="_blank" rel="noopener noreferrer">MNRE</a>) and Morocco’s Ministry of Energy, Mines, and Sustainable Development have <a href="https://mercomindia.com/india-bilateral-agreements-growth-renewables/" target="_blank" rel="noopener noreferrer">identified</a> renewable energy as a common area of interest. The two countries aim to establish a cooperative institutional relationship for the development of new and renewable energy technologies and capacity building.
Image credit: Azelio

Sweden’s Azelio Installs Round-the-Clock Energy Storage System in Morocco

Headquartered in Saudi Arabia, <a href="https://www.acwapower.com/" target="_blank" rel="noopener noreferrer">ACWA Power</a>, a developer, owner, and operator of power generation and water desalination projects has signed an agreement with <a href="http://www.silkroadfund.com.cn/enwap/27363/index.html" target="_blank" rel="noopener noreferrer">Silk Road Fund</a> for a 49% stake in the company.
With this agreement, the Silk Road Fund will be the official partner and shareholder in ACWA Power Renewable Energy Holding Ltd. However; the transaction is subject to customary consents. The company is a medium-to-long term development and investment fund established in Beijing in December 2014 under the framework of the Belt and Road Initiative.
Mercom has reported previously about <a href="https://mercomindia.com/china-eyes-one-belt-one-road-initiative-renewable/" target="_blank" rel="noopener noreferrer">China’s plans to utilize</a> its ambitious One Belt One Road initiative to expand renewable energy along the economic belt. Initially announced in 2013 to restore the ancient Silk Route that connected Asia and Europe, the scope of the project has now expanded to include new territories and development initiatives. The project involves building a large network of roadways, railways, maritime ports, power grids, oil and gas pipelines, and associated infrastructure projects.
According to Paddy Padmanathan, the president and CEO of ACWA Power, further collaboration between the two companies “is a mirror image of the robust and strategic ties between Saudi Arabia and China that is strengthened year after year.”
Rajit Nanda, Chief Investment Officer at ACWA Power added, “As a leading developer of power and water assets in the region, and being based in a Belt and Road country, welcoming Silk Road Fund on board as a shareholder further cements our position of being able to support both the economic transformation envisioned by the Belt and Road initiative as well as Saudi Arabia’s forward-looking Vision 2030. Our continual achievements with Silk Road Fund set an example of building strategic business ties and making the best use of the competitive advantages of both companies.”
ACWA Power acts as a platform that capitalizes on the rapidly growing potential for renewable energy in the emerging markets. The company owns ACWA Power’s concentrated solar power (CSP), photovoltaic (PV), and wind assets across the United Arab Emirates (U.A.E), <a href="https://mercomindia.com/acwa-power-develop-100-mw-solar-south-africa/" target="_blank" rel="noopener noreferrer">South Africa</a>, Jordan, Egypt, and Morocco, yielding an aggregate capacity of 1,668 MW. ACWA Power and Silk Road Fund have previously co-invested in two U.A.E-based projects.
Last year, Mercom reported that ACWA Power announced the financial closure of the <a href="https://mercomindia.com/acwa-financial-closure-300-mw-sakaka-solar/" target="_blank" rel="noopener noreferrer">Sakaka solar project</a>, the first utility-scale renewable energy project developed in Saudi Arabia under the National Renewable Energy Program executed by the Renewable Energy Project Development Office.
<a href="https://mercomindia.com/acwa-power-saudi-arabia-sakka-project/" target="_blank" rel="noopener noreferrer">Earlier</a>, Mercom reported that <a href="http://www.acwapower.com/" target="_blank" rel="noopener noreferrer">ACWA Power</a> would invest $302 million to develop the Sakaka solar project. Also, the Public Investment Fund (PIF) of Saudi Arabia has acquired a 15.2% stake in ACWA Power.

Silk Road Fund Gets 49% Stake in Saudi Arabia’s ACWA Power

A consortium of <a href="https://www.edf-re.com/" target="_blank" rel="noopener noreferrer">EDF Renewables</a>, <a href="https://masdar.ae/" target="_blank" rel="noopener noreferrer">Abu Dhabi Future Energy Company</a> (Masdar) and Green of Africa has emerged as the winner of a tender for the design, financing, construction, operation, and maintenance of the Noor Midelt Phase 1 multi-technologies solar power project.
The project, consisting of concentrated solar power and photovoltaic (PV) technology, will have a size of 800 MW and claims to be the world’s first advanced hybridization of concentrated solar power and PV technologies.
The project was allocated at a record-low tariff at peak hours of 0.68 Moroccan dirhams ($0.070)/kWh.
The project is located 20 kilometers from a town called Midelt in Central Morocco. The construction of the project is slated to start towards the end of 2019, and it is expected to commence delivery of electricity to the grid in 2022.
“Masdar is honored to leverage its global expertise and experience in CSP and PV technologies as part of the consortium chosen to develop the Noor Midelt Phase 1 multi-technologies solar power plant,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.
This would be the third project that EDF Renewables and Masdar will be working on together. EDF Renewables is also a partner in Shua’a Energy 2, the joint venture led by <a href="https://www.dewa.gov.ae/en" target="_blank" rel="noopener noreferrer">Dubai Electricity Water Authority</a> (DEWA) developing the 800 MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, the first 200 MW stage of which was inaugurated in April 2018.
The two companies are also partners in the recently announced Dumat Al Jandal wind farm, which at 400 MW will be Saudi Arabia’s first and the MENA region&#8217;s largest wind energy project.
“We applaud Morocco’s bold renewable energy vision and its commitment to the large-scale development of a ground-breaking technology combining solar power with storage, which will achieve new levels of cost and operational efficiency. This project marks a key step in the transition of renewable energy from its traditional peak-shaving role in meeting power demand to becoming a baseload electricity provider in the future,” Al Ramahi added.
&#8220;EDF Renewables is proud to be part of a consortium which will significantly contribute to the Kingdom of Morocco&#8217;s visionary objectives to produce 52% of its electricity from renewable sources by 2030,” said Bruno Bensasson, Chief Executive Officer of EDF Renewables.
In February 2019, DEWA <a href="https://mercomindia.com/dewa-issues-solar-tender/" target="_blank" rel="noopener noreferrer">issued</a> a request for qualification for the development of 900 MW of solar PV projects located within the Mohammed Bin Rashid Al Maktoum Solar Park, about 50 km south of the city of Dubai.
In April 2019, Mercom <a href="https://mercomindia.com/amea-power-financial-closure-50-mw-solar-jordan/" target="_blank" rel="noopener noreferrer">reported</a> about renewable energy project developer, <a href="http://www.ameapower.com/" target="_blank" rel="noopener noreferrer">AMEA</a>, closing the financing for a 50 MW solar project in Jordan. The company announced that it secured $74 million for the Al Husainiyah project with assistance from the Dutch development bank, <a href="https://www.fmo.nl/" target="_blank" rel="noopener noreferrer">FMO</a>.

A Three-Member Consortium to Develop an 800 MW Hybrid Solar Project in Morocco

India has signed two Memoranda of Understanding (MoU) with Morocco and Guyana under which the participant countries have agreed to cooperate for the expansion of renewable energy.
These bilateral agreements reflect New Delhi’s desire to strengthen its leadership role in climate action and its ability to bring tangible changes via the International Solar Alliance (<a href="http://isolaralliance.org/" target="_blank" rel="noopener noreferrer">ISA</a>).
India’s Ministry of New and Renewable Energy (<a href="http://mnre.gov.in/" target="_blank" rel="noopener noreferrer">MNRE</a>) and Morocco’s Ministry of Energy, Mines and Sustainable Development have identified new and renewable energy as a common area of interest and the two countries aim to establish a cooperative institutional relationship for the development of new and renewable energy technologies and capacity building.
India has also signed an MoU with Guyana under which both the countries have agreed to promote bilateral technical cooperation in the field of new and renewable energy and identify areas of mutual interest.
The countries intend to create a joint working committee to review, monitor, and discuss matters relating to areas of cooperation.
There have been consistent efforts from the Indian government to work with other countries for the development and deployment of solar energy by facilitating the availability of technologies, finances, research, and capacity building.
Mercom recently <a href="https://mercomindia.com/india-agreements-fiji-greece-renewables/" target="_blank" rel="noopener noreferrer">reported</a> that after initiating and founding the International Solar Alliance (ISA) jointly with France, India also entered bilateral agreements with Fiji and Greece to further the development of renewable energy generation and reduce its carbon footprint for a sustainable future.
According to preliminary estimates by the Government of India, approximately ₹166.55 trillion (~$2.5 trillion) is required to reach the country’s target of 40 percent electricity generation from renewables by 2030. These bilateral agreements will increase the inflow of cash and technology for the development of the renewable energy sector in India.
India <a href="https://mercomindia.com/india-ratifies-paris-climate-change-agreement/" target="_blank" rel="noopener noreferrer">ratified</a> the Paris Climate Accord in October 2016, setting a goal to generate 40 percent of its electricity from renewable energy sources.

India Enters Bilateral Agreements with Morocco and Guyana to Grow Renewables

The African Development Bank (<a href="https://www.afdb.org/en/" target="_blank" rel="noopener">AfDB</a>) approved $324 million (~₹20.84 billion) in loan support for two renewable energy projects. The projects are being developed in Morocco and Côte d’Ivoire. The loan is In line with the <a href="https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/Brochure_New_Deal_2-En.pdf" target="_blank" rel="noopener">New Deal on Energy for Africa</a>.
The New Deal on Energy for Africa is a partnership-driven effort with the aspirational goal of achieving universal access to energy in Africa by 2025.
In Morocco, the AfDB has committed $265 million (~₹17.05 billion). The commitment of $265 million (~₹17.05 billion) will help develop two solar power projects (NOORM I and NOORM II) at a total cost of €2.048 billion (~₹155.07 billion) with a cumulative capacity of 800 MW, under a public-private partnership (PPP).
The solar projects will be connected to the national grid, and will guarantee electricity supplies to more than 2 million Moroccans (approximately 6 percent of the country’s population) and significantly reduce CO2 emissions. The investment is part of the African Development Bank’s continued support to Morocco’s $3 billion (~₹193.02 billion) NOOR solar energy program.
In Côte d’Ivoire, the AfDB has committed $59 million (~₹3.79 billion). The commitment will be utilized to develop the Singrobo-Ahouaty project. The Singrobo-Ahouaty project involves the design, construction, and operation of a 44 MW hydropower project on the Bandama River. To meet rising domestic and regional demand, Côte d’Ivoire intends to significantly raise its generation capacity, including hydropower.
“These approvals demonstrate once again the African Development Bank’s leadership on renewable energy in Africa,” said African Development Bank President Akinwumi Adesina. “These projects will be essential to achieving the countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement. I believe this sends a strong message ahead of the One Planet Summit on Climate next week in Paris,” added Adesina.
In Africa the demand of renewable energy is increasing as there are over 600 million people without electricity connection. This has opened up a great investment avenue for banks and other financial institutions in Africa.
Image credit: AfDB

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