Morocco’s energy service firm, Société d’Ingénierie Energétique (SIE), has obtained a $965,000 grant from the African Development Bank (AfDB) to support its growth plans.
The AfDB, in a statement, said the deal was sealed on Tuesday and channelled through its Sustainable Energy Fund for Africa (SEFA).
Brice Mikpomhpoue, Officer in Charge at the North Africa Regional Development and Business Delivery Office of the AfDB, said the grant will provide SIE with operational tools to develop a pipeline of bankable energy efficient investment projects.
SEFA is an AfDB-managed special fund, providing finance for renewable energy. SIE is transiting into the first Super Energy Service Company (ESCO) initiative in Africa.
Amid growing demand, Morocco aims to meet its energy needs by combining large-scale energy efficiency strategies and renewable energy investments, the Bank said.
Super ESCOs are vehicles for channelling funds into public sector energy efficiency investments such as hospitals, schools and street lighting, laying the foundation for private investment later in the commercial and industrial sectors.