EBRD and Morocco join forces to accelerate country’s green energy transition: The European Bank for Reconstruction and Development (EBRD) signed an agreement with Morocco’s Energy Transition and Sustainable Development Ministry to help the country increase renewables projects, improve electric grid infrastructure, and create energy-efficiency networks across the country, according to a statement released last week. The lender did not specify the type of financing it will allocate to support green energy projects or when the projects would break ground.

Aim of the MoU: The agreement aims to boost the clean energy capacity of Morocco’s Office National de l'Electricité et de l'Eau potable (ONEE) under both the country’s 48-15 electricity market regulation law and national decarbonization efforts to have renewables account for 80% of the country’s total power generation by 2050. Morocco plans to more than triple allocations for renewables projects to MAD 14 bn (c. USD 1.4 bn) between 2023-2027 as part of a target to have 50-52% of its energy come from renewables by 2030. The country’s installed renewable energy capacity totalled more than 4 GW as of 2022.

REMEMBER- Morocco has a lot of wind energy potential: Nareva Enel Green Power (NEGP) — a JV between Morocco’s electricity company Nareva and Italian renewable energy developer Enel Green Power — kicked off operations on its 300 MW Boujdour wind farm back in July. The wind farm is part of NEGP’s 850 MW Integrated Wind Project (IWP), which seeks to deploy an additional 100 MW from the onshore Tiskrad wind farm in Laayoune and 270 MW from the Jbel Lahdid onshore wind farm in Essaouira.

And Taqa Morocco plans to capitalize on the country’s wind power efficiency: Taqa Morocco — a subsidiary of Abu Dhabi National Energy Company (Taqa) — plans to allocate MAD 3.3 bn (c. USD 320 mn) to develop renewable energy projects in the country yielding an expected 200 MW by 2025.