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Morocco Looks for Investment

Date: 14/04/2019

Source: Alternative Energy

 

Morocco is looking to attract $30 billion of investment to its energy sector by 2030 to develop 10 GW of renewable energy and liquefied gas plants to meet its growing electrical demand.

"Between 2017 and 2022, we will have invested about $13 billion, but by 2030, more than $30 billion will be needed to mobilize private and public investors from several countries," said Minister of Energy Aziz Rabbah.

Morocco is targeting countries like China, South Korea, Japan, Germany, Italy, Spain, France, Morocco, the United Arab Emirates, Saudi Arabia and India to raise those funds.

The Cherifian kingdom, which imports more than 90% of its energy needs, has committed to produce more than 52% of its energy from renewables by 2030. Currently, it has an integration rate of 35% of renewables in its energy mix.

Achieving this goal will require the installation of 2,000 to 3,000 MW of new renewables per year. The 10 GW of power plants it plans to install by 2030, will consist of 40% solar, 40% wind and 20% hydropower.

The country also intends to use liquefied gas in the process of diversifying its energy mix. He plans to set up a $4.5 billion processing plant in Jorf Lasfar. Calls for this project will be launched this year. With this project, Morocco hopes to export by 2025, 7 Bcm of gas.

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