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TAQA Morocco, a unit of Abu Dhabis TAQA Group, said the deals represented a total investment of $14.05bln Moroccan electricity and water utility ONEE has signed deals for projects from desalination to renewable energy and transmission lines with a consortium comprising the Mohammed VI Investment Fund and energy groups TAQA Morocco and Nareva, it said on Monday. TAQA Morocco, a unit of Abu Dhabis TAQA Group, said the deals represented a total investment of 130 billion dirhams ($14.05 billion). TAQA Morocco shares were earlier suspended from trading on the Casablanca stock exchange pending the announcement. The projects, to be completed by 2030, include the construction of a 1,400 km high-voltage transmission line with a capacity of 3,000 megawatts linking Western Sahara to central Morocco, ONEE said in a statement. The consortium also plans to build desalination plants across the country with a combined annual capacity of 900 million cubic meters, and a waterway connecting the Sebou River in the northeast to the drought-hit Oum Rabia River in the south. In addition, it will develop 1,200 megawatts of new renewable energy capacity and construct a combined-cycle gas power plant at the Tahaddart site in northwestern Morocco, with a capacity of nearly 1,500 megawatts. The projects will be equally owned by TAQA Morocco and Nareva, with a 15% stake held by the Mohammed VI Investment Fund and other public entities, TAQA Morocco said in a statement. ONEE said the consortium would seek both domestic and international financing for the projects, but did not provide a timeline for securing funds. The agreements follow commitments made during King Mohammed VIs 2023 visit to the United Arab Emirates aimed at deepening Moroccan-Emirati cooperation. Morocco is seeking to reduce its reliance on coal by boosting natural gas use and accelerating its renewable energy strategy, which is targeting 52% of installed capacity to come from renewables by 2030, up from 45% currently. Renewable capacity currently stands at 5.5 GW. ($1 = 9.2497 Moroccan dirham) |
