German state development bank KfW is to provide €654 million (US$900 million) for a Moroccan concentraing solar project.
The two plants in questions total 200MW and 100MW and will cost €1.7 billion (US$2.3 billion).
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The agreement, revealed to Reuters by several banking sources, will part-fund the Noor II and Noor III CSP project near the southern city of Ouarzazate.
Mustapha Bakoury, head of the Moroccan solar energy agency Masen, told the Desertec Industrial Initiative (Dii) Conference that the tendering process for the project would begin within weeks.
Three applicants, including Spain’s Abengoa were selected for pre-qualifying in August.
