The day after a high-level visit led by Mr. Ioannis Tsakiris, Vice President of the European Investment Bank (EIB), and Ms. Christiane Laibach, member of the KfW Group Executive Board, and Mr. Daniele Dotto, Member of the Executive Board of the KfW Group, and Mr. Daniele Dotto, Deputy Head of the European Union Delegation to the site of the 270 MW Jbel Lahdid wind farm, carried out by ONEE, in the province of Essaouira, the EIB, KfW and the National Office for Electricity and Drinking Water (ONEE) announce new financing of 300 million euros. This aims to improve the integration of renewable energies through the strengthening of Morocco's electricity network, as part of their strategic cooperation to support the Kingdom's energy transition.

The financing includes 170 million euros from the EIB and 130 million euros from KfW, the company said on Friday, adding that these funds will be used to extend its electricity transmission network by 730 km.

ONEE plans to invest 19 billion dollars in its electrical development plan until 2030, the year in which Morocco will co-organize the soccer World Cup with Spain and Portugal.

This plan aims to increase the share of renewable energies in the country's total electricity generation capacity to 56% by 2027, three years before the 2030 target.

Currently, the installed renewable energy capacity is 45%, or 5.5 GW.

ONEE said it would add 15 GW of installed electrical capacity, including 12 GW from renewable sources, by 2030.