HomeNewsMorocco to invest US $14bn in boosting renewable energy projects

Morocco to invest US $14bn in boosting renewable energy projects

Morocco is set to invest US $14bn in the energy sector, mainly renewable energy projects that that were launched by King Mohammed VI to meet national needs and commitment to global efforts to combat climate change and promote the use of clean energy.

Moroccan Minister of Energy, Mines, and Sustainable Development Aziz Rabbah confirmed the reports and said the projects are already underway with major companies from Asia, Europe, the US, and the Arab world leading in the implementation process.

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Security in the energy sector

The Minister said that the King Mohammed’s  renewable energy strategy that will be used will enhance security in the energy sector in Morocco and to respond to the increasing demand for energy.

“We have an annual energy demand increase of 2 to 4%, and more than 93% of Morocco’s energy needs are imported, compared to 98% in 2008. Our energy strategy targets increasing use of renewable energy to 52% by 2030, while reducing consumption of conventional energy sources by 15%,” said Mr. Aziz Rabbah.

The renewable energy projects will also include installation of off-grid solar powers that will extend energy access to 19,438 homes in more than 1,000 villages in Morocco. The project will also create more than 500,000 jobs to both in and neighboring countries. Economic boost will also be seen upon completion of the project as the country set to export extra energy.

The energy minister also recognized the UAE’s support of the Moroccan renewable energy sector. Abu Dhabi’s renewable energy company Masdar “had successfully installed an off-grid solar power project that extends energy access to 19,438 homes in more than 1,000 villages in Morocco.”

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