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World Bank Document PROJECT INFORMATION DOCUMENT (PID) APPRAISAL STAGE Report No.: AB6230 MA-Ouarzazate Concentrated Solar Power Project Name Public Disclosure Authorized Region MIDDLE EAST AND NORTH AFRICA Sector Renewable energy (100%) Project ID P122028 Borrower(s) MASEN Implementing Agency Moroccan Agency for Solar Energy (MASEN) Avenue Al Araar Immeuble extension CMR, 3ème étage, Hay Riad ,Rabat - Maroc Tél +212 (0)537 57 46 32 Fax +212 (0)537 57 14 75 www.masen.ma [email protected] Public Disclosure Authorized Environment Category [X] A [ ] B [ ] C [ ] FI [ ] TBD (to be determined) Date PID Prepared April 15, 2011 Date of Appraisal April 28, 2011 Authorization Date of Board Approval October 18, 2011 1. Country and Sector Background 1. The global community is seeking non-carbon technologies for generating electricity around the clock, to complement the limited number of available options (e.g. geothermal, nuclear). Concentrated solar power (CSP) has already demonstrated its capacity to supply uninterrupted power for an entire day1, but still has a long way to travel down the cost curve. Public Disclosure Authorized Any project designed to help jump-start this process is therefore expensive and very high risk, and hence needs substantial financial support. But the global rewards to that initial support are potentially extremely high, as viable non-carbon options are currently very few in number. The Ouarzazate CSP project is set in that global context. 2. Morocco is the country with the largest proposed capacity in the MENA CSP CTF Investment Plan (IP) and the first one to launch the development of a concrete project, which furthermore will be one of the world’s largest solar CSP plants. Morocco already has experience with the CSP technology2 and has a transmission interconnection with Europe, which makes exports possible without further transmission investment, as soon as an off-take contract can be arranged that remunerates green electricity. Morocco has decided at the highest level to play a 1 In July 2011, Gemasolar, a 19.9 MW central tower CSP plant with molten salt heat storage technology located in Public Disclosure Authorized Spain, was the first thermosolar power plant in the world to supply uninterrupted power for an entire day. 2 The Ain Beni Mathar plant, which one of the first Integrated Solar Combined Cycle plant (ISCC) to be operated worldwide, was commissioned on May 12, 2010. The plant has a capacity of 470 MW, including 20 MW CSP, and was in part financed through a GEF grant of US$43 million. The plant created dozens of new jobs, supports the local economy, and will help expand the skill base in Morocco to construct and operate such facilities. The success of the Ain Beni Mathar Concentrated Solar Power plant will pave the way for the deployment of a pipeline of solar energy projects in Morocco. leadership role in the development of CSP and move forward with a 500 MW plant in Ouarzazate for domestic supply and export into the EU. Morocco intends to rise to the challenge of commitments made during the Cancun and Copenhagen COPs and under the Union for the Mediterranean, and has requested World Bank support to mobilize concessional financing and private investment. The other countries in the region are now watching closely to see if Morocco succeeds before deciding to follow suit. 3. Morocco is extremely dependent on energy imports and fossil fuels. The development of the renewable energy and energy efficiency potential has been made a national priority, in order to achieve the country’s objectives of energy security and environmental sustainability, as well setting the economy on a green growth path that would generate employment. As demonstrated during the Second National Energy Summit (Deuxièmes Assises de l’Énergie) in May 2011, Morocco aspires to become an energy platform between Europe and Africa, not only for energy exchanges, but also a basis for RE equipment manufacturing, innovation and skill development. 4. The Morocco Solar Plan, launched in November 2009, is the cornerstone of the country’s renewable energy and climate change mitigation strategy. The US$ 9 billion plan calls for the development of 2,000 MW by 2020, starting with the ambitious 500 MW Ouarzazate project. In addition to fostering low-carbon development of the energy sector and enhancing energy security, the implementation of this plan will stimulate large investments and enhance Morocco’s competitiveness. This is an integrated plan in the sense that it calls for local manufacturing, as well as related training, education and research activities, therefore boosting economic growth and contributing to job creation. 5. The Government of Morocco (GoM) and the International Financial Institutions (IFIs) recognize that the rolling out of this plan involves high risks in the initial stages in that the capital costs for this type of technology are high and require substantial subsidies for the first few years of the Plan until exports become common practice. Morocco can afford this high cost technology only if revenues can be raised from exports. Given the first phase of the first plant (Ouarzazate I) is unlikely to export significant volumes, if at all, concessional financing is needed up-front to kick start the Plan. 2. Objectives Higher level objectives 6. The principal higher level objective is to help develop a globally-available non-carbon power generation technology, which ultimately may not require fossil-fuel back-up capacity, and thus contribute to CSP cost reduction for worldwide benefit. The project will contribute to Morocco’s objectives of security of supply, energy diversification, CO2 emission reductions and employment creation through increased penetration of RE in the country’s energy mix and creation of a new green industry. The project will also demonstrate the use of storage technology in CSP plants and create a strong precedent for the use of the Public Private Partnership (PPP) business model to develop CSP power plants in Morocco and elsewhere. Furthermore, the project aims at contributing to Mediterranean regional electricity market integration. Project Development Objective (PDO) 7. The more specific development objective of the proposed project is to support MASEN, the Moroccan public solar agency, in initiating the development of the 500 MW Ouarzazate CSP power plant, by financing the first phase (160 MW gross) through a public private partnership (PPP), to increase power generation from concentrated solar power and mitigate GHG emissions and local environmental impact. 3. Rationale for Bank Involvement 8. The World Bank is working with the African Development Bank (AfDB), the European Investment Bank (EIB), the French Development Agency (AFD), the German Cooperation Agency (KfW) and other partners to accelerate CSP deployment in MENA. The MENA CSP initiative is a US$ 5.6 billion program—including US$ 750 million from the Clean Technology Fund (CTF)—to finance CSP across the region. The initiative has employment, climate change, energy security and export revenues objectives, as well as the goal of enhancing integration across the Mediterranean. The partnership includes a wide range of donors and promotes a mix of private and public investment. Deployment of highly concessional financing from the CTF, access to European green energy markets and a continued drive to fossil fuel substitution will all be key to success of the initiative. 9. Exports of green electricity from MENA to the EU are essential to the viability of the MENA CSP projects. However the EU regulatory framework is not yet in place to provide certainty to green electricity exports from MENA and their remuneration. A political commitment is emerging in Europe to make trade of green electricity between the north and the south of the Mediterranean a reality. A France-Morocco working group has been set-up that should lead to the first experimental electricity exchange between the South and the North in late 20113. EU imports of green electricity from MENA are likely in the long term, as the European Commission has issued, in February 2011, a roadmap to transform the EU into a competitive low carbon economy by 20504. Until exports take off and become a regular and sustained source of revenues for RE plants, concessional financing is necessary to make the CSP projects happen. CTF5 is being mobilized to finance the first gigawatt (GW), but innovative financial instruments are needed thereafter. 10. The MENA CSP program has strong synergy with other initiatives that seek to develop the renewable potential in MENA, while creating the conditions for a regional market—namely the Mediterranean Solar Plan, Desertec Industry Initiative (DII), Medgrid, and the World Bank Group’s Arab World Initiative. These transformational initiatives demonstrate a clear interest for building an EU-Mediterranean partnership for renewables, in line with EU's 2050 decarbonization scenario, with a joint approach to ensuring energy security, provided that the right market perspective is created for electricity imports. 11. The Government of Morocco (GoM) re-engaged in active energy sector dialogue with the World Bank in 2005. This dialogue led to Bank support for a technical assistance program focused on energy security and efficient management of energy resources. It led to the government formulating, in coordination with other development partners particularly the EU, a comprehensive energy sector reform program. A new Country Partnership Strategy (CPS) was 3 During the visit of French Ministry of Energy and Industry to Morocco in July 2011, thre was an announcement that a bilateral agreement between France and Morocco would be signed before the end of 2011, setting the stage for electricity exports from Morocco to countries of the Northern shore. 4 COM (2011) 112/4- A Roadmap for moving to a competitive low carbon economy in 2050. 5 A CTF loan of $197 million was approved for the first project of the MENA CSP CTF investment plan on June 22, 2011.
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