An enormous new renewable green energy project is being planned in Morocco. The green project will combine hydropower and wind power to generate 1 GW of renewable energy. The project will double the existing hydropower capacity of the North-African nation.
With a total cost of green project around the 2.16 billion dollar, it is a massive investment in green energy for a nation like Morocco. The African Development Bank is investing 329 million dollar in the project, but other investors are expected to want in on such a revolutionary idea.
As well as making the $329 million investment using its own money, the African Development Bank will also earmark an additional $150 million for the project from the Clean Technology Fund (CTF) which it helps to finance with other lenders.
The North-African nation has admirable renewable energy goals. It wants to achieve 10% of electricity by renewable energy by next year alone, and 42% of electricity from solar power by 2020.
Next to this major renewable project, construction of the first planned 500 MW of the Desertec project is also planned to begin in the region in 2012.
Source: TreeHugger.com, Image: visitmorocco.com