Morocco is set to invest over $420 million in the construction of a new 990-megawatt gas-fired power plant, according to the Moroccan stock market regulator.
The Alwahda power plant, being built by the national water and electricity company ONEE, will be located in northern Morocco near the EMPL gas pipeline. The project will be financed through a combination of ONEE’s own funds, loans from Attijariwafa bank and Bank of Africa, and contributions from two special financing funds.
The plant, equipped with two open-cycle gas turbines, will also have the capability to utilize diesel fuel as a backup. This investment aligns with Morocco’s strategy to diversify its energy mix, increasing the reliance on natural gas while simultaneously expanding the share of renewable energy sources in its energy portfolio. The country aims to increase the share of renewable energy in its total capacity from 45% to 52% by 2030.
In addition to the Alwahda power plant, Morocco is also developing a new natural gas terminal at the Nador West Med port, further strengthening its gas infrastructure.
Morocco is investing heavily in gas-fired power generation as part of its energy diversification strategy. The Alwahda power plant is a significant project that will contribute to meeting the country’s growing energy demand. Morocco is also expanding its gas infrastructure with the development of a new natural gas terminal. The country is committed to increasing the share of renewable energy in its energy mix in line with its sustainability goals.
This investment highlights Morocco’s proactive approach to securing its energy future through a diverse and sustainable energy mix.
MK/ac/sf/lb/abj/APA