Morocco’s national water and electricity utility, ONEE, is set to construct a 990-megawatt gas-powered plant at an estimated cost of MAD 4.15 billion ($420 million), according to the stock market regulator AMMC, reported Reuters.
ONEE will cover 20% of the project’s cost, while the remaining 80% will be financed through loans provided by Morocco’s leading banks, Attijariwafa Bank and Bank of Africa, as well as funding from two securitization funds, FT Nord Energy and FT Flexenergy, added the same source quoting two recently released AMMC documents.
It said that the plant, which will consist of two open-cycle gas turbines (OCGT), is designed to use diesel as a backup fuel source.
It will be located in northern Morocco at the Alwahda site, near a pipeline that has been used since 2023 to import natural gas from Spanish terminals.
Morocco is turning to gas to broaden its energy mix, while simultaneously advancing its renewable energy strategy, which aims to increase the share of renewables in total installed capacity to 52% by 2030, up from the current 45%.
The country is planning to establish a natural gas terminal at the Nador West Med port in the northeast, which will be linked to the same pipeline, add Reuters.
In 2024, Morocco’s total installed energy production capacity reached 11,918 MW, with coal being the primary source.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.