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CIF $945 million investing concentrated solar power in Morocco, South Africa and Chile

2018.04.23     From: CSP Focus光略咨询


Concentrated solar power (CSP) holds vast potential due to its ability to provide reliable, utility-scale power even when the sun is not shining. CSP is such a promising technology that the International Energy Agency estimates that up to 11 percent of the world’s electricity generation in 2050 could come from CSP.


High technology costs and a limited number of CSP demonstration projects deter investors, especially in higher-risk emerging markets. To prove the economic and technological viability of CSP, trailblazing projects are needed across the world’s most sun-drenched regions. 



Established in 2008, the $8.1 billion Climate Investment Funds (CIF) is devoted to delivering investments at scale to empower climate-smart transformation in sectors. 


A total of $945 million from the CIF’s Clean Technology Fund (CTF)—expected to attract an additional $8.4 billion in co-fi¬nancing—is supporting early public and private sector CSP projects in Chile, South Africa, and the Middle East and North Africa (MENA) region. Projected generation capacity is 1.2 GW, or more than one-fourth of the current global CSP capacity. The CIF’s CSP investments are intended to establish a record of performance for the technology, thereby lowering perceived risk and reducing future project costs for private sector CSP investors and developers.


As a leader in driving global investments in CSP, CIF is to endorse and join the upcoming CSP Focus MENA 2018 event in Marrakech, Morocco during June 27-28, which will be the can’t missing gathering for CSP industry players watching Middle East & North Africa region.SAVE USD 400 by registering before April 26th, 2018.


THE $5.5 BILLION CLEAN TECHNOLOGY FUND (CTF) is a funding window of the Climate Investment Funds (CIF). CTF concessional financing, channeled to countries through partner multilateral development banks (MDBs), is boosting investor confidence and attracting significant co-financing from other sources. 


DECREASING COSTS AND INCREASING COMPETITION IN MOROCCO CSP MARKET


In Morocco, the African Development Bank (AfDB) and World Bank have jointly supported the 510 MW Noor concentrated solar power (CSP) complex, one of the world’s largest. It is Morocco’s first utility scale solar energy complex and a critical step of the Moroccan Solar Energy Program, which aims to install 2 GW of solar power by 2020.


Together, these MDBs have channeled $435 million from the CTF alongside their own investment of $980 million. Independent analysis concludes that the low-cost debt is already driving down the cost of CSP in Morocco by 25 percent for Noor I and an additional 10 percent for Noor II and III, thus reducing the government subsidy required to bridge the affordability gap for CSP.


Free Report: Morocco NOOR Solar Plan-by MASEN


Specifically, structured by the Moroccan Agency for Sustainable Energy (MASEN) as a public-private partnership, the first phase of the project (Noor I) benefitted from low-cost debt provided by the CTF ($197 million) and other international financial institutions, which reduced project costs by about 25 percent compared to financing available from commercial banks in the market. This enabled strong market competition during the bidding cycle resulting in a winning bid from ACWA Power of $0.18 per kWh that was 25 percent lower than initial cost projections. This is helping to reduce strain on public finances by lowering the yearly subsidy that the Moroccan government contributes from $60 million to $20 million. The CTF’s contribution of $238 million for the 350 MW Noor II and III has since helped to generate further cost reductions. In 2015, ACWA Power won the competitive bid to construct the two new CSP plants offering an average power tariff of about $0.16/kWh, roughly 10 percent below Noor I.


Relevant CSP Conference:CSP Focus MENA 2018(June 27-28,Marrakeck Morocco)

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