Sunday, October 17, 2021

    AfDB grants Morocco’s energy giant US$965,000 for development

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Abidjan, Feb. 17, 2021 The African Development Bank (AfDB) is providing a US$965,000 grant to Morocco’s Super Energy Service Company to support the firm’s growth plans.

    The Bank said the deal was sealed on Tuesday.

    The grant will provide Société d’Ingénierie Energétique (SIE) with operational tools to develop a pipeline of bankable energy efficient investment projects, said Brice Mikpomhpoue, Officer in Charge at the North Africa Regional Development and Business Delivery Office of the AfDB.

    AfDB, Africa’s multilateral lender, said the grant was channelled through its Sustainable Energy Fund for Africa (SEFA).

    SEFA is an AfDB-managed special fund, providing finance for renewable energy. SIE is transiting into the first Super Energy Service Company (ESCO) initiative in Africa.

    “This support from the African Development Bank will create a model well aligned with the needs of the country’s energy efficiency sector,” said the company’s Chief Executive Officer, Ahmed Baroudi.

    Amid growing demand, Morocco aims to meet its energy needs by combining large-scale energy efficiency strategies and renewable energy investments, the Bank said.

    Super ESCOs are vehicles for channelling funds into public sector energy efficiency investments such as hospitals, schools and street lighting, laying the foundation for private investment later in the commercial and industrial sectors.

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