11 April 2017 2017 08:30 AM GMT

Morocco Rises: Starts Construction On The World’s Largest Solar Power Complex

In the presence of the Moroccan King, Mohammed VI, the first sod was cut in Ouarzazate for the construction of a fourth power plant – NOORo IV – inside the world’s largest solar power complex. KfW Development Bank had signed the loan agreement for EUR 60 million for the construction of NOORo IV back in November 2016 in the presence of the Federal Minister for Economic Cooperation and Development, Gerd Müller, at the United Nations Climate Change Conference in Marrakech. After commissioning, which will likely take place in the beginning of 2018, the photovoltaic plant will enable annual savings of at least 56,000 tonnes in CO2 emissions. When all four power plants are combined, CO2 emissions will be reduced by around 800,000 tonnes every year. The Noor complex is scheduled to be completed by 2019 and supply a total of 580 megawatts of output power from three solar thermal energy plants and one photovoltaic plant.

“This makes Morocco a pioneer in Africa when it comes to transitioning to renewable sources of energy. Morocco is an example of how economic growth and development can be combined with climate protection”, said Dr Norbert Kloppenburg, Member of the Executive Board of KfW Group.

Since 2009, Morocco has been working to implement its ambitious energy targets: by 2030, the percentage of installed electricity generation capacity based on renewable energies is planned to reach 52 per cent. In addition to solar energy, the country is also focusing on wind and water power. Moreover, Morocco also heavily participates in international endeavours to protect the climate, including those that take place in the context of the international Climate Partnership for implementing national climate contributions over which Morocco presides together with Germany.

KfW is supporting the construction of the solar power complex in southern Morocco with a total of EUR 829 million, on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) and the Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB). The planned total costs are approximately EUR 2.2 billion. At the start of 2016, the first power plant, NOORo I, was commissioned for the solar energy complex; NOORo II and III are still under construction. Germany plays a significant role in the project, which Morocco is using to implement its energy transition. In addition, the European Union and the French development agency, AfD, together with the European Investment Bank (EIB) have pledged financing.

January 19th 2018
Chinese Solar Surge Fuels Overall Global Growth In Clean Energy Investment

World clean energy investment totalled $333.5 billion last year, up 3% from 2016 and the second highest annual figure ever, taking cumulative investment since 2010 to $2.5 trillion. An extraordinary boom in photovoltaic installations made 2017 a record year for China’s investment in clean energy. This outpaced changes elsewhere, including jumps in investment in Australia and Mexico, and declines in Japan, the U.K. and Germany. The figures up 3% from a revised $324.6 billion in 2016, and only 7% short of the record figure of $360.3 billion, in 2015.

January 22nd 2018
European Parliament Gives A Resounding Vote In Favour Of Clean Energy In Europe

European lawmakers have called for a renewable energy target of 35% for 2030 – rather than the 27% which the European Commission proposed in 2016. The MEPs have now backed measures substantially raising the European Union’s clean-energy ambitions. By 2030, more than one-third of energy consumed in the EU should be from renewable sources such as wind and solar power. The measures are intended to help cut carbon dioxide emissions. The EU is the world’s third-largest emitter of greenhouse gases after China and the United States, releasing about 10% of global emissions. 

January 8th 2018
Vestas Sets 10.6 GW Record In 2017 After Year-End Surge; Ups Cashflow Guidance

Vestas has received a firm and unconditional order for 190 MW of 4 MW platform turbines in the U.S. taking the global order intake for the company in 2017 to 10.6 GW, surpassing 2016’s record order intake of 10.5 GW. The surge of orders at the end of the year has resulted in the company revising its guidance for free cashflow upwards. It now expects the free cashflow for 2017 to be €1.15bn-€1.25bn, as compared with the previous guidance of €450m-€900m. Markets have reacted favourably with the company share price experiencing an increase of 5%. 


 

   

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