Morocco Secures $300M EBRD Loan

International finance institution the European Bank for Reconstruction and Development (EBRD) has announced it will provide a $300 million loan to Morocco’s National Office of Electricity and Drinking Water (ONEE) to support the country’s energy transition.

The loan agreement aims to strengthen ONEE’s financial and climate resilience while supporting digitalization projects in the country.

“This landmark sustainability-linked loan – the first of its kind in the region’s energy sector – demonstrates that innovative finance can drive real impact,” stated Mark Bowman, Vice President-Policy and Partnerships, EBRD.

As part of the agreement, ONEE will retire some of its carbon-intensive thermal capacities in the medium term. The EBRD will also support ONEE prepare a decarbonization strategy for the company’s core activities by developing a digital roadmap strategy.

As part of the strategy, the ONEE plans to facilitate increased renewable energy deployment and connection to the national grid.

As part of its national strategy, Morocco has set a target to increase its share of renewable energy to 52% of its total installed electricity capacity by 2030.