Morocco's World Bank Advances Financing for 300MW Pumped Storage Project

en.Wedoany.com Reported - On July 3, the World Bank advanced financing arrangements for Morocco's Ifahsa pumped storage project, approving $265 million in funding to support its construction. The Ifahsa pumped storage project has an installed capacity of 300MW and is located near Chefchaouen, Morocco, primarily aimed at enhancing grid flexibility and providing regulation capacity for greater integration of solar and wind power.

The pumped storage project is expected to support the grid connection of at least 1GW of new solar and wind power capacity and is anticipated to attract approximately $1 billion in private investment. The project will also replace some fossil fuel power generation, reducing related electricity demand by about 3 TWh annually. For Morocco's power system, the pumped storage project offers long-duration energy storage and rapid regulation capabilities, providing system support during fluctuations in renewable energy output.

This financing includes funds from the International Bank for Reconstruction and Development, concessional funds from the Clean Technology Fund, and grants from the Livable Planet Fund. The project is implemented by Morocco's National Office of Electricity and Drinking Water (ONEE) and co-financed by the African Development Bank. The Ifahsa pumped storage project will subsequently move into the stages of engineering execution, equipment procurement, and construction organization, with actual progress subject to financing disbursement, construction conditions, and grid connection arrangements.