Morocco, TAQA, Nareva team up to develop energy, desalination projects
The Moroccan water and electricity utility ONEE announced on Monday that it had signed agreements for projects ranging from desalination and renewable energy to transmission lines, with a consortium consisting of the Mohammed VI Investment Fund as well as energy groups TAQA Maroc and Nareva.
TAQA Morocco is a subsidiary of Abu Dhabi’s TAQA Group. The deals represent a total investment amounting to 130 billion dirhams (US$14.05 billion). TAQA Morocco's shares had been suspended on the Casablanca Stock Exchange pending the announcement.
The project, which is expected to be completed in 2030, includes the construction of a high-voltage transmission system with a capacity 3,000 megawatts, linking Western Sahara and central Morocco.
The consortium plans to build desalination facilities across the country, with an annual combined capacity of 900 millions cubic meters. It also plans to construct a waterway linking the Sebou River (in the northeast) to the Oum Rabia River (in the south), which is suffering from a drought.
It will also develop 1,200 Megawatts of renewable energy and build a combined cycle gas power plant in Tahaddart, northwestern Morocco. This plant has a capacity of 1,500 Megawatts.
In a press release, TAQA Morocco stated that the projects would be owned equally by TAQA Morocco, Nareva and Mohammed VI Investment Fund, with a 15 percent stake being held by other public entities and the Mohammed VI Investment Fund.
ONEE stated that the consortium will seek domestic and international funding for the projects. However, they did not give a time frame for securing the funds.
The agreements are a result of the commitments made by King Mohammed VI during his visit to the United Arab Emirates in 2023, aimed at deepening Moroccan Emirati Cooperation.
Morocco wants to reduce its dependence on coal through a greater use of natural gas and an acceleration in its renewable energy strategy. By 2030, 52% (up from 45%) of its installed capacity will be renewable, compared to 45% today.
Currently, renewable capacity is 5.5 GW.
(source: Reuters)
