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    Translation: Morocco: EIB supports Masen to assess Morocco's offshore wind potential


    September 30, 2022 - ForeignAffairs.co.nz

     

      MIL OSI Translation. Government of the Republic of France statements from French to English –

      Source: European Investment Bank

      A grant of 2 million euros from the European Investment Bank (EIB) will finance a feasibility study carried out by Masen This technical assistance will contribute to increasing the level of knowledge on the offshore wind potential of the Moroccan Atlantic coast It will contribute to the development wind energy expertise and could pave the way for a first small-scale offshore wind pilot project in Morocco

      The European Investment Bank (EIB), the Climate Bank, and Masen (Moroccan Agency for Sustainable Energy) signed a cooperation agreement on Thursday 15 September for a grant of two million euros to finance the study feasibility study that could pave the way for a first small-scale offshore wind pilot project in Morocco. This technical assistance, led by Masen, will increase the level of knowledge on the feasibility of this technology in Morocco. This study is in line with Masen's activities as a central renewable energy player in Morocco, which plans to secure more than 52% of its electricity mix from renewable sources by 2030.

      The objective of this mission is the technical and economic evaluation of a potential offshore wind project, the definition and analysis of the preparatory studies necessary for the project on the technical, economic, environmental and social level, as well as the detailed evaluation of the project risks and issues.

      The assessment mission will benefit from the expertise of the EIB Group in the development of a new generation of floating offshore wind platforms. The EIB has indeed recently concluded three financings for the first wind farms with floating foundations in France, with the support of the European Commission. The Bank thus has proven experience in financing offshore wind farms in Europe such as Portugal, Norway and Scotland.

      This technical assistance operation falls within the framework of the FEMIP Trust Fund, a fund created in 2004 and managed by the EIB, which benefits from financing from 17 EU Member States, the European Commission and the United Kingdom. Its purpose is to facilitate investment and fill financing gaps in the EU neighborhood and promote the development of the private sector and socio-economic infrastructure in the Mediterranean region, by financing the preparation and implementation of projects, capacity building actions and risk capital.

      “The financing of this study to assess the offshore wind potential of the Kingdom of Morocco fits perfectly into the EIB's strategy to accelerate the development of renewable energies and support innovation. As the European Union's Climate Bank, our role is to provide financing and solutions to fight climate change more effectively. said Lionel Rapaille, Director of Operations in EU neighboring countries. “Through this technical assistance mission, we are contributing to the Kingdom's ambitious climate objectives and also participating in the development of a new cutting-edge sector on a continental scale. ".

      General informations

      The European Investment Bank (EIB)

      The EIB has been a privileged partner of Morocco for 40 years. The EIB finances the development and implementation of key projects in key sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport or even renewable energies.

      EIB World, the new specialist arm of the EIB Group, seeks to increase the impact of international partnerships and development finance. EIB World aims to foster a stronger and more focused partnership with Team Europe, alongside other development finance institutions and civil society. BEI World brings the Group closer to local populations, businesses and institutions through our offices around the world.

      https://twitter.com/EIBGlobal

      https://www.linkedin.com/company/eib-global/

      EDITOR'S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

      MIL Translation OSI

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