Morocco Secures $300m Chinese Loan For Coal Plant

 Fumnanya Agbugah Economic Development & Policies, Investing

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VENTURES AFRICA – Morocco’s state-owned power utility firm, ONEE, has announced that it successfully secured a $300 million from China’s Exim Bank to finance a 318 megawatt (MW) coal-fired plant in Jerada, near the Algerian border.
According to reports, Morocco’s energy production cost remains on the high side, and with the yearly consumption rising by 8 percent it has to regularly up spending to
subsidize consumption.
Last year, ONEE launched a $348 million bid to construct the second coal-fired power plant in Jerada, which was won by a Chinese company SEPCOIII.
SEPCOIII Electric power Construction Corporation is a global engineering corporation that specializes in the construction of all types of power plants including Hydro, wind, thermal, photovoltaic, sea water and solar energy.
Morocco intends to reach domestic power demand by using thermal power which will also make way for exporting renewable energy to the European Union.