World Bank Approves $265 Million Funding for 300-MW Hydropower Storage Project in Morocco

The World Bank on Wednesday said its board has approved $265 million in funding to support the 300-megawatt Ifahsa Pumped Hydropower Storage Project in Morocco. The project, which is located near Chefchaouen in northern Morocco, is expected to act as a "giant rechargeable battery" for the national electricity grid, pumping water to an upper reservoir when generation from renewable is high and later release it through turbines to generate electricity when required. The facility is expected to help Morocco add at least 1 gigawatt of solar and wind power to its national grid and unlock about $1 billion in private investment, according to a statement. The facility is projected to replace about 3 terawatt-hours of fossil fuel generation annually. The World Bank funding for the project comprises of financing from the International Bank for Reconstruction and Development, concessional financing from the Clean Technology Fund, and a grant from the Livable Planet Fund. African Development Bank is the co-financer for the project, which will be implemented by Office National de l'Electricite et de l'Eau Potable.