Morocco will invest ten billion euros or 13.5 billion dollars in the next 4 years to enhance power generation and be able to deliver as per the increasing demand, with renewable imparting almost half of the rise.
Having no huge gas or oil reserves, the country is aspiring to develop into a world-class green energy producer, specifically with massive solar power projects in its south desert area.
Included in the strategy sketched up by the department of water and electricity (ONE), Dh112.3B or ten billion euros will be allocated on increasing electricity production by 4,584.5 megawatts, or sixty-seven percentage of presently installed capacity, by 2017.
according to ONE, some forty-five percent, or 2,090 megawatts, of the incremental production, will be coming from wind and solar power, cited in Moroccan newspapers.
ONE stated that it will provide Dh35.3B or 3.15 billion euros of the needed investment, and it is still not clear how the remaining costs will be financed.
The United Arab Emirates, an oil-rich country declared $100M in “financial support” to support with the construction of the country’s wind and solar power farms.
The North African country takes the pleasure in solid connections with Gulf monarchies, which attracted Jordan and Morocco to join the oil-rich Gulf Cooperation Council in 2011 in the middle of Arab Spring uprisings.
Rabat’s new understanding with the GCC paved the way to the signing of a partnership to financial development projects in Morocco valued to be over five billion dollars in the next 5 years.
In May, Morocco publicly announced the building of a 160-megawatt solar power plant close to the desert city of Ouarzazate. Winning the contract is a Saudi-led consortium that will build the complex at an estimated value to be 630 million euros.
A 150-megawatt wind farm at Taza, close to the central city of Fez, is an additional showcase renewable energy project forming portion of Morocco’s green power plans.