World Bank approves $265 million for Morocco’s Ifahsa pumped‑hydro storage project

The World Bank Board approved a US$265 million financing package for the Ifahsa pumped‑hydro storage project in northern Morocco. The 300 MW facility, located near Chefchaouen in the Atlas mountains, will act as a large rechargeable battery for the national grid, storing renewable electricity during periods of high solar or wind output and releasing it during peak demand.

The project is expected to create about 820 direct jobs each year during construction and to facilitate the integration of at least 1 GW of new solar and wind capacity, unlocking roughly US$1 billion of private investment. It will replace around 3 TWh of fossil‑fuel‑generated electricity annually, avoiding an estimated 1.7 million tonnes of CO₂ emissions. Funding is co‑provided by the African Development Bank and implemented by Morocco’s Office National de l’Électricité et de l’Eau potable (ONEE). The financing supports Morocco’s goal of reaching 52 % renewable electricity capacity by 2030.