Memorandum of Understanding takes partnership to new level
The European Bank for Reconstruction and Development (EBRD) and the Moroccan Research Institute for Solar Energy and New Energies (IRESEN) are joining forces to boost energy transition.
In a Memorandum of Understanding, signed in Rabat today, the Bank and IRESEN resolve to strengthen their cooperation in the promotion of investments aimed at accelerating the country’s transition to green energy. The scope of the cooperation will cover a number of areas of common interest, including green hydrogen, renewable energy, smart electricity networks, energy efficiency, energy storage and e-mobility.
Morocco is recognised as having a very ambitious strategy for scaling up renewables (the country has committed to reaching, by 2030, a level where renewable sources account for more 52 per cent of installed electricity production capacity) and regularly pioneering new green technologies. In Morocco, the EBRD supports the decarbonisation of the Moroccan energy mix and the country's green and sustainable energy transition through direct and indirect financing and policy dialogue initiatives.
Antoine Sallé de Chou, EBRD Director, Head of Morocco, said: “We are very proud to come together with IRESEN to reinforce our engagement in Morocco’s green transition. Addressing the climate challenge is not an option, but a must. It is therefore important to explore all credible clean-energy technologies that would further accelerate the country’s green-energy transition. This is what today’s memorandum documents.”
Harry Boyd-Carpenter, EBRD Managing Director for the Green Economy and Climate Change, said: “The EBRD is fully committed to supporting the development of green hydrogen value chains. In combination with competitive renewable electricity, green hydrogen is a key ingredient in accelerating the decarbonisation of hard-to-abate sectors and has strong potential in Morocco. We are very pleased to start our cooperation with IRESEN today.”
Badr Ikken, Director General of IRESEN, commented: “We are thrilled to partner with the EBRD in order to support the acceleration of the energy transition in Morocco. The agreement sealed today is a pledge of confidence in the 10 years of work by IRESEN teams in supporting Morocco’s energy strategy, through research and development, innovation and capacity-building. In addition, this partnership proves that the decarbonisation of our economies requires the development and adoption of sustainable technological solutions, adapted to our context. This is the spirit of the alliance between the EBRD and IRESEN.”
IRESEN was set up as a research institute in 2011 by Morocco’s Ministry of Energy, Mines and Environment and several key players in the energy sector to support the national energy strategy and enhance research and development in the field of solar energy, new energies and related technological applications.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested almost €3 billion in the country through 74 projects.