The European Bank for Reconstruction and Development has increased funding to Moroccan utility Office National de l'Electricite et de l'Eau Potable for a small- and medium-sized hydropower plant rehabilitation program.
The loan, which has a value of up to US$37.5 million, will pay for work at a dozen projects and "contribute to the extension of the lifespan of the plants and improve their energy efficiency," EBRD said.
The overhauls will also allow ONEE to better support the adoption of environmental and hydrological best practices, while also improving its water resource management.
"The Hydropower Plants Rehabilitation project that is to be undertaken by ONEE, with the support of the EBRD, presents ambitious objectives, such as contributing to the valuation and protection of our hydroelectric heritage and environment, improving the technical and safety-related performances of this heritage, as well as improving resilience to climate change and supporting social development through job creation," said Hassan Rmili, ONEE Operating Director of Renewables.
The loan is EBRD's third to ONEE since the bank began investing into the North African country in 2012.
"Investing in renewable energy is a priority for the EBRD in Morocco," said Laurent Chabrier, EBRD Director for Morocco. "Extending the lifespan of the country's hydropower plants in a most environmentally friendly way and increasing their efficiency is crucial to building climate resilience and mitigating risks associated with climate change."
For more news from Africa, visit here.