Wild guess - it's a strategic thing for Europe.

1) They're very leery of whatever's Russia up to, and much of their NatGas comes from there. Any alternative energy is good energy.

2) It shores up the economy in a relatively stable part of northern Africa that'd be a prime location for people wanting to immigrate to spain. More refugees are not a good plan.

3) It helps Europe to hit Carbon reduction targets without having to deal with the NIMBY population.

Or at least it was a strategic thing. Reading some more, European investors pulled out, and it's the Africa Development Bank now. Maybe the money is too nuts even with strategic goals in mind.