African Development Bank Approves €100 Million Loan to Build Battery Plant in Morocco
The African Development Bank (AfDB) has approved a €100 million ($114 million) loan for Gotion Power Morocco, supporting the construction of an integrated lithium iron phosphate battery giga-factory. The project is part of AfDB's Four Cardinal Points vision and aims to establish a cathode-to-cell manufacturing line in Rabat-Salé-Kénitra Free Trade Zone. The initial phase will produce 10 gigawatt-hours (GWh) of electric vehicle batteries, with plans for expansion up to 100 GWh. The initiative is expected to create over 600 direct jobs and integrate local industry at a rate of 70%, supporting skills development in Morocco's green technology sector. AfDB Vice-President Kevin Kariuki emphasized the importance of battery storage as part of Africa’s clean energy transition, noting its role in integrating renewable sources like solar and wind. The project aligns with broader efforts to strengthen regional integration and industrialization across the continent.
Topics: battery_production foreign_investment infrastructure renewable_energy