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Thursday, September 21, 2023

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

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

Ahmed Baroudi
Ahmed Baroudi, Directeur Général at Société d’Ingénierie Energétique (SIE)

The bank said the deal was sealed on Tuesday, February 16, 2021.

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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