EBRD and ONEE Sign €300 Million Sustainability-Linked Loan to Support Morocco’s Energy Transition
The European Bank for Reconstruction and Development (EBRD) has partnered with Morocco's Office National de l’Electricité et de l’Eau potable (ONEE) to secure a €300 million loan aimed at enhancing Morocco’s energy sector and accelerating its transition to a low-carbon economy.
This milestone agreement marks the first sustainability-linked loan (SLL) in the MENA and African energy sector and underscores Morocco’s commitment to meeting its renewable energy and decarbonisation goals.
A Key Step Towards Sustainable Energy
Morocco aims to have 52% of its installed electricity capacity derived from renewable sources by 2030, a significant part of its broader climate ambitions. The SLL is structured to support ONEE’s efforts in achieving these targets.
The loan’s proceeds will help strengthen ONEE’s financial resilience, providing a buffer against the ongoing energy crisis while enabling further investments in sustainable energy.
The loan is structured around two key performance indicators: reducing the carbon intensity of electricity generation in Morocco and increasing the share of renewable energy in the country's overall electricity production.
These sustainability targets are in alignment with Morocco’s updated Nationally Determined Contribution (NDC) commitments and have been verified by an independent second-party opinion provider, marking the loan as both ambitious and compliant with international sustainability standards.
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Supporting Morocco’s Net-Zero Vision
ONEE is advancing Morocco’s net-zero goals by planning to phase out carbon-heavy thermal plants and boost climate governance. With EBRD’s support, it will develop a decarbonisation strategy and adopt digital solutions to enhance efficiency and align with the 2050 net-zero target.
Mark Bowman, the EBRD’s Vice President for Policy and Partnerships,said, “This landmark sustainability -linked loan – the first of its kind in the region’s energy sector – demonstrates that innovative finance can drive real impact.
He added, “The EBRD’s support, in close coordination with the Moroccan Government, is helping ONEE to accelerate its decarbonisation and digitalisation journey while strengthening its financial resilience in response to the energy crisis. This reflects our commitment to sustainable growth and long-term impact”
Strengthening Morocco’s Energy Infrastructure
The SLL will also support ONEE in expanding its grid capacity to accommodate more renewable energy sources and ensure efficient electricity dispatch. This effort is critical for Morocco’s growing renewable energy capacity and its ability to meet its 2030 renewable energy target.
Additionally, the implementation of a digital roadmap strategy will enable ONEE to enhance its operations and better manage the integration of renewable energy into the grid.
