Language: ENGLISH Original: French PROJECT : OURZAZATE SOLAR POWER STATION - PHASE I COUNTRY : KINGDOM OF MOROCCO PROJECT APPRAISAL REPORT Date : APRIL 2012 Appraisal Team Team Leader Ibrahima KONATE ONEC.1 3418 Youssef ARFAOUI ONEC.3 2308 Members Tanja FALLER ONEC.2 2268 Succès ASSYONGAR MASRA ONEC.1 3541 Rachel ARON ONEC.3 2792 Awatef FOURATI ONEC.3 3854 Laurette DADE ORPF.2 2298 William DAKPO ORPF.1 3887 Wadii RAIS MAFO 6165 Vladimir FAGBOHOUN GECL 3635 Sylvestre TAPE FTRY 2574 Sector Division Manager Zakou AMADOU ONEC.1 2211 Resident Representative Amani ABOU-ZEID MAFO 6161 Sector Director Hela CHEIKHROUHOU ONEC 2140 Regional Director Nono MATONDO FUNDANI ORNB 2054 Peer Reviewers Mahib CISSE ONEC ONEC 3961 3917 Elise AKITANI Nigambaye NDOUNDO ONEC 2725 Ousmane FALL OPSM.2 3820 Adama MOUSSA ONEC.1 2897 Sandrine ALISSOUTIN ONEC 3811 Malik FARAOUN OPSM 2383
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Language: ENGLISH Original: French
PROJECT : OURZAZATE SOLAR POWER STATION - PHASE I
COUNTRY : KINGDOM OF MOROCCO
PROJECT APPRAISAL REPORT Date : APRIL 2012
Appraisal Team
Team Leader Ibrahima KONATE ONEC.1 3418
Youssef ARFAOUI ONEC.3 2308
Members
Tanja FALLER ONEC.2 2268
Succès ASSYONGAR
MASRA ONEC.1 3541
Rachel ARON ONEC.3 2792
Awatef FOURATI ONEC.3 3854
Laurette DADE ORPF.2 2298
William DAKPO ORPF.1 3887
Wadii RAIS MAFO 6165
Vladimir FAGBOHOUN GECL 3635
Sylvestre TAPE FTRY 2574
Sector Division Manager Zakou AMADOU ONEC.1 2211
Resident Representative Amani ABOU-ZEID MAFO 6161
Sector Director Hela CHEIKHROUHOU ONEC 2140
Regional Director Nono MATONDO FUNDANI ORNB 2054
Peer Reviewers
Mahib CISSE ONEC
ONEC
3961
3917 Elise AKITANI
Nigambaye NDOUNDO ONEC 2725
Ousmane FALL OPSM.2 3820
Adama MOUSSA ONEC.1 2897
Sandrine ALISSOUTIN ONEC 3811
Malik FARAOUN OPSM 2383
TABLE OF CONTENTS
1 STRATEGIC THRUST AND RATIONALE ................................................................... 1
1.1 Project Linkages with Country Strategy and Objectives ........................................... 1
1.2 Rationale for Bank’s Involvement ............................................................................. 2
1.3 Aid Coordination ....................................................................................................... 2
kVA kiloVolt Ampere = 1 000 VA tCO2 Tonne CO2 = 1,000 kg of carbonic gas
Acronyms and Abbreviations
APA Advance Procurement Action MDB Multilateral Development Bank ACSP African Carbon Support Project MEMEE Ministry of Energy, Mines, Environment and Water Resources ADB African Development Bank MENA Middle East and North Africa ADF African Development Fund MIC Middle-Income Country AFD French Development Fund MTR Mid-Term Review AFESD Arab Fund for Economic and Social Development MV Medium Voltage AWF African Water Facility NDP National Development Plan BD Bidding Documents NIF Neighbourhood Investment Facility CDM Clean Development Mechanism ONE National Electricity Authority CSP Concentrated Solar Power ONEC Energy, Environment and Climate Change Department CTF Clean Technology Fund OPsCOM Operations Committee EIB European Investment Bank PAR Project Appraisal Report ESIA Environmental and Social Impact Assessment PCR Project Completion Report ESMP Environmental and Social Management Plan PIU Project Implementation Unit EU European Union RBCSP Results-Based Country Strategy Paper GDP Gross Domestic Product RMC Regional Member Countries GPRSP Growth and Poverty Reduction Strategy Paper SEF Special Emergency Fund HV High Voltage SME Small and Medium-sized Enterprises ICB International Competitive Bidding SPC Solar Project Company KfW
Bankengruppe German Development Agency UA Unit of Account LV Low Voltage UNFCCC United Nations Framework Convention on Climate Change MAFO Morocco Field Office WB World Bank
MASEN Moroccan Agency for Solar Energy
ii
PROJECT INFORMATION SHEET
Client Information Borrower MASEN Executing Agency MASEN
FINANCING PLAN
Source Amount
(EUR Million) Instrument
ADB 168 Project loan CTF/ADB 70.12 Project loan World Bank 140.25 Loan for financing of operating costs CTF/WB 68.02 Project loan
EIB 100 Project loan AFD 100 Project loan KfW 100 Project loan NIF 30.15 Grant MASEN/FDE/SPC 265.78 Contribution to the project; construction of
related infrastructure TOTAL FINANCING 1042.32
Comprising financing of power station
and related infrastructure (including
contingencies)
902.07
and operational support 140.25
TOTAL PROJECT COST 1042.32
FINANCIAL INFORMATION ON LOANS ADB CTF Loan currency EUR USD
Interest type Floating base rate with a free fixing
option NA
Base rate (floating) 6-month EURIBOR NA Contractual margin 0.60% NA
Funding margin
Margin on Bank’s cost of borrowing
in relation to six-month EURIBOR.
This margin is reviewed on 1
January and 1 July every year
NA
Administrative costs
NA At Borrower’s choice: 0.1% per year
of the undisbursed loan amount,
payable every six months; or 0.25% of
the loan amount payable as a single
tranche
Service commission NA 0.25% per year on the disbursed loan
amount not repaid Maturity 20 years 40 years Grace period 5 years 10 years
DURATION AND MAIN MILESTONES Approval of Concept Note June 2011 Project approval April 2012 Effectiveness 31 July 2012 Last disbursement 31 December 2014 Completion 30 June 2015 Final Repayment 31 December 2032
iii
PROJECT SUMMARY
1. Project Overview: The Ouarzazate Solar Power Station Project – Phase I will
enable Morocco to honour its national and international commitments. It is part of the
Moroccan Solar Plan designed under Morocco's energy strategy and, on a larger scale, it
forms part of the Concentrated Solar Power (CSP) Investment Plan of the Middle East and
North Africa Region (MENA). This investment plan was prepared with countries of the
region under the aegis of the ADB and the World Bank. It will enable participating countries
to contribute their solar resources to the global effort to combat the effects of climate change,
while significantly increasing the world’s installed CSP capacity. Implementing this project is
a major step towards attaining Morocco’s clearly stated ambition to master large-scale solar
energy production so as to help curb green-house gas emissions and create a local industry
capable of providing locally-manufactured inputs to the solar energy programme. Morocco's
solar energy programme is expected to create jobs locally. Eventually, it will enable Morocco
to sell green energy to Europe at profitable rates and earn foreign exchange. This will have a
positive effect on its trade balance.
2. Needs Assessment: In 2009, the Kingdom of Morocco adopted a new energy
strategy, whose pillars included developing the national renewable energy potential by
increasing its share within the national energy mix from 33% in 2009 to 42% in 2020.
Furthermore, demand for electricity in Morocco grows at an average rate of 6% per year, a
trend fuelled by population growth and the country’s economic development needs.
Furthermore, the Kingdom is committed to achieving the universal electrification rate.
3. Bank’s Added Value: Since 2009, the Bank has assisted Morocco in the
preparation of its investment plan under the Clean Technology Fund (CTF), focusing on the
country's ambitious plan of installing 2000 MW of solar energy capacity by 2020. Hence, the
Bank is responsible for channelling part of the concessional “climate” funds earmarked for
the Moroccan solar energy plan. In June 2011, the CTF Committee approved financing of
USD 197 million for the project, with USD 100 million to be obtained through the ADB. The
project will enable the Bank to consolidate its role as a key player in Morocco’s energy sector
in general and in renewable energy in particular, and to support the green growth of the
Kingdom's economy.
4. Knowledge Management: The project is one of the innovative schemes that
support large-scale clean energy production initiatives and that have a transformative effect
on the economies of beneficiary regional member countries. The knowledge acquired from
this project will accelerate the implementation of the Moroccan green growth vision and open
up opportunities for replication by several African countries. Consequently, it is consistent
with the Bank’s strategic vision to develop Africa’s energy sector by promoting universal
access based on low-carbon growth. Lastly, this project is one of the deliverables of the
Bank’s climate change action plan.
iv
RESULTS-BASED LOGICAL FRAMEWORK
• Country and Project Name : Morocco – Ouarzazate Solar Power Station Project
• Project Goal : Initiate the development of CSP technology by carrying out Phase 1 of the Ouarzazate Power Station (125 to 160 MW) • Commencement Date : July 2012 • Completion date : December 2014 • Design team : I. KONATE, Y. ARFAOUI, T. FALLER, S. ASSYONGAR
RESULTS CHAIN PERFORMANCE INDICATORS
MEANS OF
VERIFICATION RISKS/ MITIGATION MEASURES Indicator
(including CSI) Baseline
Situation
Target
Impact
Increase in the share of
renewable energies in
Morocco’s energy supply
Percentage of
production capacity
from renewable
sources 33% (2009) 42% (2020)
Reports • Reports from the
Ministry of energy
• ONE progress reports
• MASEN activities
• Project status
• Bank supervision
Technological risk: This risk stems from the fact that there is no single-module solar complex of this dimension in the world. Mitigation measure:
MASEN is assisted by a Technical Adviser, and some technical discussions took place during the pre-qualification phase prior to the bidding process.
MASEN is engaged in experience-sharing with similar on-going projects in the world that could be especially beneficial to the subsequent phases.
Financing risk: During the operational phase, the Government could encounter difficulties in financing the production cost differential. Mitigation measure: This risk is mitigated by the Government's strong commitment and the support of Moroccan authorities. It is unlikely that the
Government will shirk this commitment, and certain donors have already taken measures to assist the Moroccan Government in bridging this gap,
particularly by including a feed-in tariff component in their financing. Furthermore, this risk is mitigated for the entire project by donor coordination
instituted at the very beginning of the study phase and by the fact that MASEN seeks to secure all financing before engaging in the final selection of the
developer.
Fiduciary risk: The initial fiduciary risk is deemed high for this project. Although MASEN, the borrower, has the advantage of being a structure whose
organization and financial management system are being established, the SPC that would implement the project has not yet been set up. Consequently, its
capacity to ensure the sound financial management of the project cannot be ascertained at this stage. Furthermore, the complexity of the project requires a
mechanism for the joint management of mobilized resources, and this constitutes an additional risk for the Bank. Mitigation measure: Fulfilment of the following conditionalities will curb the residual risk down to a moderate and acceptable level. Apart from the
effective creation of the SPC and the fiduciary responsibility clauses of the agreements to be signed between MASEN and CSP (especially the loan
agreement) and which will have to be approved by the Bank, it will be necessary for the Bank, prior to any disbursement, to ensure or obtain proof that the
State has created the Entity responsible for project implementation (CSP) and that the Borrower (MASEN) has finalized an accounting and financial
management mechanism, which the Bank deems satisfactory for project commencement.
Contribution of
Ouarzazate I power
station to the energy
mix - 1.5 % (2020)
Mitigation of climate change Reduction of the rate
of CO2/year - 240 000 t (2015)
Effects
Technological development Industrial integration - 30% (2015)
Trade balance improved Profits from electric
power sales
Jobs created
Number of jobs:
+ During the
construction phase:
+ During the
operational phase:
-
-
800
50
Outputs
New infrastructure created Solar power station
operational
Additional capacity
installed
01 (2011)
-
02 (2014)
125 to 160 MW Implementation risk: MASEN is a newly-created entity with no real experience in monitoring and implementing such complex projects. Mitigation measure: This risk is mitigated by the quality of management, assistance from leading consultants, various studies by the Bank and other
donors on MASEN’s capacity to implement the project. These studies determined its technical assistance, technical consultancy or capacity-building needs.
Furthermore, during the project implementation phase, MASEN will be assisted by a Consultant, who will ensure fulfilment of all disbursement conditions
and availability of all legal and contractual documents. Furthermore, the two-stage selection procedure for the developer will mitigate this risk because it
ensures that all bidders have an adequate understanding of the project. Additional energy supply Quantity of additional
energy - 370 GWh (from
2015) Energy storage mechanism
created Unit operational 00 (2011) 01 (2014)
Key
Activities
Components Financial Resources (EUR Thousand) A: Construction of Energy Infrastructure & Project Administration and Management
Construction of the solar farm; Construction of the generator; Construction of the energy evacuation mechanism; Site development; Construction of storage facilities; Related infrastructure; ESMP implementation, compensation and indemnities;
Local development plan; Environmental monitoring; IEC; Project account audit services; Environmental and social audit services;
Operational and maintenance equipment; Project management; management tools/IT tool.
Training of MASEN staff (workshop and seminar)
902 070
B: Operational Support
Contribution to financing the differential between the production costs of the solar power station and the production costs of ONE
by MASEN
140 250
v
PROJECT IMPLEMENTATION SCHEDULE
T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
Board Presentation and Approval
Signing of Loan Agreements
Loan Effectiveness
Fulfilment of Disbursement Conditions
WORKS PROCUREMENT
Advance Procurement Actions
Submission of ANO BD Stage 1
Launching of BD Stage 1
BD Period Stage 1
Bid evaluation 1 (15 days)
Technical discussions and BD Stage 2
Launching of BD Etape 2
BD Period Stage 2
Bid evaluation 2
Reception of draft contract
ANO Draft Contract
Signing of contrat
WORKS
Power station works
Works line
ESMP SUPERVISION - IMPLEMENTATION
PROJECT AUDIT
END OF PROJECT
ACTIVITIES 2011 2012 2013 2014 2015
REPORT AND RECOMMENDATIONS FROM MANAGEMENT TO THE BOARD
OF DIRECTORS ON A PROPOSED ADB LOAN AND A CTF LOAN TO MASEN
IN THE KINGDOM OF MOROCCO
Management submits the following report and recommendations on a proposed: (i) ADB loan of
EUR 168 million; and (ii) a CTF loan of USD 100 million to MASEN, to finance the Ouarzazate
Solar Power Station Project - Phase I.
1 STRATEGIC THRUST AND RATIONALE
1.1 Project Linkages with Country Strategy and Objectives
1.1.1 In November 2011, Morocco organized legislative elections that led to the formation of a
new Government. Like its predecessor, the new Government maintained the same strategic thrusts,
defining them in its economic and social development programme and focusing on the
implementation of broad strategic reforms and sector policies that target large-scale infrastructure
projects. The programme seeks to boost Morocco’s competitiveness and preserve its macroeconomic
viability in order to generate sustained growth that produces a lasting improvement in living
conditions for the people. The programme uses an integrated participatory approach, and is
essentially based on the correlation between responsibility and accountability; furthermore, it centres
on the following five pillars: (i) acceleration of growth to 5.5%; (ii) making Morocco an investment
and export platform; (iii) improvement of governance so as to fight against corruption and cash
economy; (iv) making regionalization a vector of development; and (iv) intergenerational solidarity
for sustainability of development. The 2012-2016 Country Strategy Paper currently being finalized
(scheduled for distribution to the ADB Board of Directors on 14 March) targets support for
development of "green" infrastructure as one of its focus areas. Supporting implementation of the
energy strategy is one of the key activities.
1.1.2 The project therefore falls within this focus area, since it will help to address the growing
demand for electricity while contributing to environmental protection and mitigation of climate
change. Its implementation will promote energy infrastructure development and create new
industries, especially "green" industries.
1.1.3 The project also falls within the implementation of the Kingdom's energy strategy adopted
in 2009, which focuses on improving energy security, mitigating the effects of climate change, and
guaranteeing universal access to energy. In efforts to achieve energy security, sustainable
development and competitiveness, the Moroccan Government has formulated a new energy strategy
based on 5 pillars. The objectives of the strategy are as follows: (i) energy security; (ii) low-cost
electricity supply to all households and businesses; (iii) management of electricity demand; (iv)
promotion of national expertise and development of technological know-how; and (v) environmental
protection and climate change mitigation. To achieve these objectives, the strategy is designed to: (a)
diversify and optimize the energy mix through competitive and tested technology so as to reduce oil
expenditure by 40% before 2030; (b) develop the national renewable energy potential; (c) declare
efficiency improvements a national priority; (d) explore energy resources by stepping up oil
exploration activities, and develop conventional and non-conventional sources of petroleum; and (e)
join the regional energy market through greater cooperation and increased trade with the EU and
other Maghreb countries.
1.1.4 The implementation of this strategy is accompanied by organizational and regulatory
measures aimed at giving the necessary visibility to all public and private sector operators.
2
1.2 Rationale for Bank’s Involvement
1.2.1 The Bank’s involvement in this project is justified by various factors namely: this is a clean
energy project which is the culmination of a long process, it constitutes a priority for Morocco's
energy strategy, and it is in line with the Bank's medium-term strategy.
1.2.2 Implementing this priority project in Morocco’s energy strategy will indeed be a major step
towards achieving the Kingdom’s clearly stated ambition to master large-scale solar energy
production so as to diversify its energy sources, help curb green-house gas emissions, and create a
local industry capable of providing locally-manufactured inputs to the solar energy programme.
Morocco's solar energy programme is expected to create jobs locally. It will eventually enable
Morocco to sell renewable energy to Europe at profitable rates and earn foreign exchange. This will
have a positive effect on its trade balance.
1.2.3 The Ouarzazate Solar Power Station Project I is part of the Moroccan Solar Plan designed
within the broader framework of the MENA Region’s Concentrated Solar Power (CSP) Investment
Plan. This plan was designed under the aegis of the ADB and the World Bank, approved on
10/11/2009, and included in the technical annexes.
1.2.4 The Moroccan solar plan, estimated at USD 9 billion, seeks to construct 5 solar complexes
between 2015 and 2020 to attain a total capacity of 2000 MW. Morocco intends to build on this
experience and achieve its growth, unemployment reduction and sustainable development objectives.
The plan is backed by the Government’s institutional measures, especially a new appropriate
regulatory framework and transformation of electricity sector operators.
1.2.5 After approval of the Ouarzazate Solar Power Station Project by the CTF Executive
Committee in June 2011, the Bank is responsible for channelling part of the concessional "climate"
funds earmarked for the Moroccan solar plan, amounting to USD 100 million.
1.2.6 The project is co-financed by the Clean Technology Fund, the World Bank, the French
Development Agency (AFD), the European Investment Bank (EIB), the German Cooperation (KfW)
and, potentially, other commercial banks and private partners. The Bank’s involvement in the
financing of the project is a continuation of its intervention in operations co-financed with other
donors to support Morocco’s energy sector.
1.2.7 Morocco has a unique comparative advantage due to its proximity to markets that have a
high demand for green electricity, and its electrical interconnection with European countries.
However, the project presented to the Bank for financing is an initial phase, which does not target the
export market.
1.2.8 The project is of strategic importance in the dialogue process on climate change financing
initiated after the Copenhagen, Cancun and Durban conferences. It will serve as a pilot project for
mobilizing concessional financing in partnership with multilateral and bilateral institutions, including
funds specialized in financing initiatives that combat the effects of climate change. The Bank is
providing Morocco with all the required assistance under the UNFCCC’s Clean Development
Mechanism (CDM).
1.3 Aid Coordination
1.3.1 The Moroccan Government has made significant efforts to coordinate aid. Hence, it plans to
establish a Geographical Information System (GIS) for real-time monitoring of the operations of
various technical and financial partners (TFPs), by geographical zone, sector and amount. Donor aid
is relatively well aligned on the Government’s strategic priorities, and there is no parallel project
3
implementation unit. The projects financed by the Bank and other major TFPs in Morocco are
mainly implemented by Ministries and public establishments. In the energy sector, there is a formal
framework for coordinating donor activities, namely the Energy Thematic Group (GTE) created on
the initiative of the German Embassy and the European Commission Delegation.
1.3.2 Several donors operate in Morocco's energy sector, providing loans or grants, namely: ADB,
IBRD, EIB, EU, AFD, KfW, GIZ and AFESD. Specific meetings on the Moroccan solar plan have
been held every month between developing partners and Morocco since 2010. The meetings enabled
the Bank to coordinate its actions with those of other institutions operating in Morocco's energy
sector in general, and in this project in particular.
1.3.3 This project benefits from donors' willingness to monitor it together. Preparation and
appraisal missions have been jointly conducted, and a decision taken to adopt the World Bank's rules
and procedures to ensure harmonization among the various donors of the project.
2 PROJECT DESCRIPTION
2.1 Project Description and Components
2.1.1 The goal of the Ouarzazate Solar Power Station Project is to initiate the development of
CSP technology in Morocco by constructing Phase 1 of the Ouarzazate Complex (125 to 160 MW).
2.1.2 Under the Moroccan solar plan, five complexes will be built in Ouarzazate, Foum Al Oued,
Boujdour, Sebkhat Tah and Aïn Béni Mathar. The Ouarzazate Power Station Project 1 is the first
CTF-supported project for large-scale implementation of CSP technology in the MENA region. The
project components are: (i) construction of energy infrastructure; and (ii) operational support, and
project administration and management.
2.1.3 It should be possible to build a total capacity of 500 MW on the site of the Ouarzazate
complex in successive phases. The first phase is estimated at 125 to 160 MW based on results of the
bidding process for selection of the private partner. The technology adopted for this first phase is the
parabolic trough. The power station design provides for a facility that will store heat for 3 hours to
enhance the station’s performance, and for the injection of its output into the country’s energy mix.
This will address: (i) cost constraints which would be greater if the storage capacity of project
infrastructure exceeds 3 hours; and (ii) optimal mix imperatives during peak hours with savings on
fuel supplies. With respect to scale, MASEN, in agreement with donors, has stated its intention to
limit Phase 1 to a capacity of 125 to 160 MW based on the pre-qualification phase results for private
bidders. The project will be co-financed by financial partners who will allocate their resources
mainly to energy infrastructure construction and installation activities carried out by the private
developer to be selected. MASEN will finance all preliminary site development works that relate
essentially to water supply, access roads and connection to the electric power grid. This component
also includes costs relating to operation, local development, as well as project management and
monitoring. Furthermore, various measures have been taken to mitigate only the negative impacts.
The second component of this project relates to coverage of the differential between the power
station's production costs and MASEN's sales price to ONE.
2.1.4 The project seeks to initiate CSP development. It will be implemented under a public-
private partnership (PPP) through a Solar Project Company. The project will launch MENA's solar
plan within a context of great expectations from the scientific and industrial community, as well as
significant decline in the cost of this technology.
4
Table 2.1: Project Costs and Components (in EUR Thousand)
No. Name of Component Cost
Estimate Description of Components
A
Construction of Energy
Infrastructure & Project
Administration and
Management
902 070
Solar farm; Generator; Energy transmission facility;
Site development; Storage facilities; Related infrastructure; ESMP
implementation, compensations; Local development plan;
21 Inst. Support to SG UMA ( Multinational) - MIC GRANT 30-avr.-09 28-mai-09 28-mai-09 30-déc.-12 2,7 0,9 UA 500 000 500 000 110 735 389 265 22,1% 100,0%
Statistical Capacity Building II 15-mars-11 UA 490 000
23 Loan to the Royal Phosphate Authority /ψ 29-juin-11 0,7 USD 156 250 000 250 000 000
Summary: Sector Distribution of Operations Approvals (EUR million) Disbursement Status
Total Portfolio Amount
In Units of Account 1 488 288 450
Loans (14 projects) 1 483 091 430
Grants (9 projects) 5 197 020
En Euros 1 682 768 508
Current Proj. 2011
Total Disbursements in Euros 427 248 935 520 410 513
Disbursement Rate 28,4% 30,9%
Average Amount per Operation (in UA) 67 649 475
Average Effectiveness Deadline (months) 5,5 Loans 6,8 Grants 3,2Average Age of Portfolio (years) 2,3 Loans 2,8 Grants 2,0
Note: The grey areas relate to operations that are not yet effective. ( ψ): Project that is not yet in force and consequently not included in the determination of the total portfolio disbursement rate.
* MIC: Middle-income countries ** AWF: African Water Facility
Num
berProject Name Approval Date Signature Date
Effective
Date
Closing
Date
Averag
e age of
project
(years)
Effective
ness
Deadline
(months)
Share
in the
portfol
io
in Loan
Currency
(total by sect.
in EUR)
CurrentProjection
for Q1 2012
Loan
currency
Amount Approved Cummulative
Disbursement
in Loan
Currency by
Project/ in EUR
by sector
Cancellati
on in loan
currency
Undisbursed
Amount in Loan
Currency by
Project /in EUR
by sector
Cumulative
Disbursement Rate (in
%)
in Units of
Account
15%17%
62%
47%
31%
60%
3%
28%
4%8%
62%
48%
22%
60%
4%
31%
Disb. rate Jan. 2012 Proj. disb. Rate end-2012
Agric.
3,3%
Transp
34.3%
Energ16.6%
Social
0,1%
Water/San.
20.8%
Multis
ect.13,5%
Priv. 11.4%
0
158
643 634
476
2008 2009 2010 2011
MOROCCO
OUARZAZATE SOLAR POWER STATION PROJECT
Annex III
Development Partner Operations in Morocco by Sector
Technical and Financial Partners (TFPs) Active Portfolio of TFPs as at end-December 2011 (in EUR
million) % of Total
Main Focus Sectors of TFPs (*)
ADB 2 207.98 22.07 G, I, S
EIB 1 941.78 19.41 I, S
EU (+ Neighbourhood Investment Fund) 1 844.33 18.43 G, S
France (+ AFD and PROPARCO) 1 204.03 12.03 G, I, S
IBRD 637.33 6.37 G, I, S
JICA 542.27 5.42 I, S
FSD 213.43 2.13 I, S
AFESD 204.14 2.04 I, S
USAID 92.38 0.92 G, S
Italy 64.76 0.65 I, S
IFAD 52.29 0.52 S
Belgium 46.84 0.47 I, S
Kuwaiti Fund 41.67 0.42 I, S
OPEC Fund 38.27 0.38 I, S
Germany 34.71 0.35 I, S
Spain 351.51 3.51 G, S
UNDP 14.50 0.14 G, S
Abu Dhabi Fund 12.72 0.13 I, S
IsDB 460.00 4.6 I, S
UNFPA 0.46 0 S
Total 10 005.40 100
*G: Governance, I: Infrastructure, S: Social
MOROCCO
OUARZAZATE SOLAR POWER STATION PROJECT
Annex IV
Electricity Supply and Demand Projections
EUR 8 billion (DH 90 billion) investment from 2010 to 2015 With 65% concerning ERs.