World Bank invests $265M in Moroccan energy storage
The International Bank has approved financing of $265 million for the Efhassa Pumped Hydro Storage project in northern Morocco. The aim is to enhance the flexibility of the electricity system by providing a versatile storage capacity that helps integrate renewable energy and produce cleaner, more stable electricity through a 300 MW plant located near Chefchaouen. The project contributes to replacing approximately 3 terawatt-hours of fossil fuel-generated electricity annually and reducing carbon dioxide emissions by about 1.7 million tons each year, while creating over 820 jobs during the construction phase. The project seeks to support the development of clean energy in Morocco and decrease reliance on fossil fuels, with an estimated cost of $450 million, involving funding from several international institutions.
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