World Bank approves $265 million financing for Morocco's 300 MW Ifahsa pumped-hydropower storage plant
Type: Financing · Technology: Hydro · Country: Morocco · Value: $265M · Announced: 2026-07-03
The World Bank approved a $265 million financial package for the Ifahsa pumped-hydropower storage project in Morocco, which is being developed by the National Office of Electricity and Drinking Water of Morocco (ONEE). The total project cost is estimated at $500 million and is co-financed by the African Development Bank. The financing from the World Bank combines funds from the International Bank for Reconstruction and Development (IBRD), concessional financing from the Clean Technology Fund, and a grant from the Living Planet Fund. The Ifahsa project, located 14 km from Chefchaouen, will consist of two reversible 150 MW units and is expected to unlock approximately $1 billion in private capital for renewable energy investments in Morocco. This project is part of ONEE's broader energy storage strategy to achieve 1 GW of new pumped-hydro capacity by 2030, supporting the integration of 400 MW of solar and 600 MW of wind energy.
Counterparties
- Fundo de Tecnologias Limpas (Lender)
- Banco Mundial (Lender)
- Bird&Bird (Lender)
- Pioneer Community Energy (Borrower)
- Banco Africano de Desenvolvimento (Lender)
- Fundo Planeta Habitável (Lender)