China’s electric firm, Shanghai Electric is planning to make investments worth US2b in construction of new solar power plants in Morocco, over five years’ time.
The investment will be part of the Chinese company to invest US$16.5b in seven Arab countries. The US$2b investment in the country involves setting up five new solar power stations in different parts of the country. This will help the country cut down on energy imports. The solar power plants will have a combined generation capacity of 3.5Gw.
Through the project involving Shanghai Electric firm, Morocco’s government will advance its strategy for building a green energy industry. The country wants to eventually have 42% of its total power needs being met by renewable sources by 2020.
Shanghai Electric firm also indicated that this commitment is part of the larger agenda for the two countries to sign agreements on renewable energy and oil, gas and mineral exploration in Morocco.
China Development Bank has already given the funds to Morocco for the solar power project.
Shanghai Electric is an international company dealing with manufacturing of electrical equipment and also is involved in power generation.