Serrari Group

Morocco has unveiled a plan to nearly double its installed energy capacity by 2027, aiming to add 9 gigawatts (GW) to the current 11 GW. This initiative, announced by Energy Minister Leila Benali at a recent battery technology conference in Rabat, involves a $7 billion investment, with a substantial focus on renewable energy.

Out of the new capacity, 6.5 GW will come from renewable sources, boosting the current renewable capacity of 4.5 GW, which makes up 37.6% of the total energy mix. Since 2009, Morocco has invested $6 billion in renewable energy, primarily in solar and wind, with the long-term goal of reaching a 52% share of renewables by 2050.

Minister Benali highlighted the need for enhanced infrastructure to support this growth. “Investing in grids, storage, and batteries is essential to advance renewable energy development in our country,” she stated.

Currently, coal dominates Morocco’s electricity production, accounting for about 70% of the total, while renewables contributed 20% last year. To diversify its energy sources, the government is also focusing on natural gas. Plans include building liquefied natural gas (LNG) facilities at the Mediterranean port of Nador and connecting them to pipelines that import gas from Spain. Benali emphasized the role of natural gas in the country’s energy transition strategy.

In addition, Morocco is investing in green hydrogen technology. Earlier this year, the government introduced incentives and allocated 1 million hectares for green hydrogen projects, targeting both domestic and export markets. Green hydrogen, produced using renewable energy to split water molecules, is seen as a key component in reducing industrial carbon emissions.

This strategic expansion reflects Morocco’s commitment to enhancing energy security and sustainability, positioning the country as a leader in the global shift towards clean energy.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

16th May, 2024

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