The Moroccan Agency for Solar Energy (Masen) has issued Morocco’s first green bond to help to finance the country’s development of solar power. The $118m bond will fund three schemes that form part of the country’s NOOR PV 1 solar power project, reported Reuters.

The project’s schemes are to be developed in Laayoune, Boujdour and Ouarzazate with total capacity of at least 170MW. Accordingly, Morocco aims to generate 52% of its electricity from renewable energy sources by 2030, informed Renewables See News.

In related renewable Moroccan news, Egypt Oil&Gas reported mid-October that the European Bank for Reconstruction and Development (EBRD), Agence Française de Development (AFD), and the European Investment Bank (EIB) would provide $38m financing facility to Banque marocaine du commerce extérieur (BMCE) of Africa and its leasing subsidiary Maghrebail to support Morocco’s sustainable energy developments.