The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) is providing a $965,000 grant to Morocco’s Société d’Ingénierie Energétique (SIE), to support its transition into the first Super Energy Service Company (ESCO) initiative in Africa.

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.

Amid growing demand, Morocco aims to meet its energy needs by combining large-scale energy efficiency strategies and renewable energy investments.

Ahmed Baroudi, SIE’s Chief Executive Officer, commented: “This support from the African Development Bank will enable the operationalisation of the new SIE as a Super ESCO, thus creating a model well aligned with the needs of the country’s energy efficiency sector.”

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Source: EsiAfrica