The World Bank’s Clean Technology Fund has approved financing of $750 million, which it says will mobilize an additional $4.85 billion in co-financing, both public and private, to speed development of concentrated solar power (CSP) in five countries across the Middle East and North Africa (MENA).
The fund will invest in CSP programs in Algeria, Egypt, Jordan, Morocco and Tunisia. The CTF is a multi-donor trust fund to facilitate deployment of low-carbon technologies at scale.
The CTF-approved investment plan will support the deployment of about 1 gigawatt of CSP generation capacity, thereby tripling worldwide CSP capacity. The plan will also support transmission infrastructure in the Maghreb and Mashreq for domestic supply and exports, as part of Mediterranean grid enhancement.
The World Bank says the proposed 1GW deployment through 11 commercial-scale power plants over three to five years will provide the critical mass of investments necessary to attract significant private sector interest, benefit from economies of scale to reduce cost, result in learning in diverse operating conditions and manage risk.