How To Invest In Morocco

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Learning from Morocco: Why Invest in Concentrated Solar Power? New technologies are often caught in a bind. Their true value only emerges once people begin to use them, but until they have a proven track record few are willing to try. Morocco launched its bold program to invest in the technology. With the first phase of the 500 MW NOOR project coming on line earlier this year, the 160 MW NOOR I plant, Morocco is providing an example to the region of the value of CSP. It was to study the example of NOOR that government officials and energy and finance experts gathered in Casablanca, Morocco earlier this year. The aim was to share knowledge and build networks to catalyze the development of CSP in a region ideally suited to the technology due to its abundant sunshine. One of the first lessons, delivered by the president of MASEN, Mustapha Bakkoury in his opening remarks to the conference, was that Morocco was not committed to a particular technology. Morocco was committed to breaking its dependence on imported fossil fuels and to taking action on climate change.

In response to the market research that MASEN conducted, the national power utility made clear that its greatest need was in the early evening once the sun had gone down. That was when demand for electricity reached a peak. CSP, with its thermal storage, could be depended upon to meet that demand. While photovoltaic has far lower capital costs, it can only generate electricity when the sun is shining. In recognition of the true value of CSP, Morocco was ready to invest.

Another lesson was the importance of concessional financing, in the short and medium term, in meeting the greater capital costs of CSP. 3 billion from the World Bank Group, the African Development Bank and other European financing institutions. With each new CSP project comes new technological advances and further drops in costs. NOOR I can store three hours’ worth of energy, while NOOR II and III will store seven hours’ worth. Examples from around the world include the Redstone CSP plant South Africa announced in 2015, which will have 12 hours of energy storage. Concessional financing will still be needed, but bringing in the private sector is critical for scaling up investments in CSP technology and attracting other sources of financing.

How To Invest In Morocco

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How To Invest In Morocco

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Head of Acwa Power, Paddy Padmanathan, who was in Casablanca, was part of consortiums that had winning bids for both the NOOR and Redstone projects. Wh if you factor in concessional financing. With a pipeline of projects, the price of CSP will continue to drop added Padmanathan. However, price continues to be a major obstacle, with many opting for photovoltaic and wind for which capital costs have dropped further and faster, to half that of CSP. For Luis Crespo, the president of ESTELA, this is short-sighted.

How To Invest In Morocco Now

How To Invest In Morocco

It misses the essential value of CSP, which is the ability to deliver electricity on demand, day or night. CSP plants are often developed in remote areas, bringing development and jobs to poorer communities. MASEN’s president, Mustapha Bakkoury talked about the effect on the local economy, that the NOOR project has provided an incentive for higher value added manufacturing for the supply of parts. A by-product of the CSP process, steam, also has potential for a number of industrial applications.

It is currently being used for the extraction of hard to reach oil deposits, but could be used for other processes that address the region’s needs, such as water desalination. Padmanathan spoke of an agricultural production company in Western Australia that pumped the steam from their CSP plant into their greenhouses, to ripen their tomatoes. The ultimate lesson of the conference was that for the region, it no longer made sense to wait on the side-lines. Morocco has taken the first, risky step and proven the value of the technology. In the four years since the announcement of the NOOR project, the cost of the technology has been on a downward slope, while the technology has steadily improved. If these are not reasons enough to move forward with CSP, there is always the promise of plump and juicy tomatoes.

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How To Invest In Morocco

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