Morocco-AfDB: Around 1 Mln US$ for Energy Engineering Company
Abidjan – The Sustainable Energy Fund for Africa (SEFA) of the African Development Bank (AfDB) has granted an aid of US $ 965,000 to the Energy Engineering Company (SIE) in Morocco to support it in its transition to become the first super energy service company (Super ESCO) in Africa.
“This support from the AfDB will allow the new SIE to become a Super ESCO, thus creating a model perfectly in line with the needs of the country’s energy efficiency sector”, said Ahmed Baroudi, Director General of SIE, quoted in a statement from the Bank, issued on Thursday.
In a context of growing demand, Morocco wants to meet its energy needs by combining large-scale energy efficiency strategies with investments in renewable energy, according to the press release.
Super ESCOs are intended to attract energy efficiency investments for the public sector (hospitals, schools, street lighting, etc.), thus laying the groundwork for future private investment in commerce and industry.
The transformation of SIE into Super ESCO should give it the means to overcome the many difficulties linked to the intensification of investments in energy efficiency. Local ESCOs should be able to benefit from new business opportunities, offer quality assurance support and increase their reputation with users and investors.
These funds will provide the SIE with the operational tools necessary to develop bankable investment projects in the field of energy efficiency, said Brice Mikponhoue, AfDB acting country manager in Morocco.
“The establishment of Super ESCO on the continent will gradually contribute to the expansion and strengthening of the energy efficiency finance ecosystem. The African Development Bank is proud to support the first Super ESCO in Africa and looks forward to support other projects in the future,” said Jalel Chabchoub, Director of Investments and Energy Efficiency Specialist in the Renewable Energy and Energy Efficiency Department at the AfDB.