Morocco will quadruple renewable energy investments to $1.5 billion annually between 2024 and 2027, Energy Transition Minister Leila Benali said on Monday.
The Moroccan minister added in the House of Representatives (the first chamber of parliament) that “the annual investment rate has been increased from 4 billion dirhams ($400 million) annually previously to 15 billion dirhams ($1.5 billion) between 2024 and 2027.”
She added, “To date, we have completed projects to produce 4,600 megawatts of clean energy. Between 2021 and mid-2024, the ministry has granted a license to generate 200 megawatts of clean energy, and this is the largest capacity for which the ministry has granted licenses in recent years.”
Morocco is rushing to secure its energy needs, especially since it imports 90% of it, in conjunction with the rise in prices since the outbreak of the Russian-Ukrainian war in February 2022.
Morocco is working to increase investment in renewable energy, as well as to establish partnerships in the framework of green hydrogen as part of efforts to reduce dependence on external sources.
$6 billion investments
Last January, Benali said that Morocco had invested 60 billion dirhams ($6 billion) in renewable energy projects in the past 14 years since the announcement of the national energy strategy in 2009, noting that more than 50% of wind energy projects were developed by the private sector.
It is expected that investment in renewable sectors, especially by the private sector, will develop until 2027, quadrupling compared to the period between 2009 and 2022.
On November 23, 2022, the Moroccan Royal Court said that “Rabat intends to produce 52% of its electricity from renewable energy by 2030.”
The court stated in a statement at the time that the country aims to rise to the club of countries with strong qualifications in the future sector, and to respond to the multiple projects carried by global investors and pioneers.
