TAQA Morocco Collaborates With Local Partners On Major Power And Water Development Initiatives

Abu Dhabi National Energy Company PJSC (TAQA) has announced that its subsidiary, TAQA Morocco Group, has signed three Memoranda of Understanding (MoU) with the Moroccan government and the Office National de l’Electricité et de l’Eau potable (ONEE). These agreements aim to explore various energy and water projects in Morocco. TAQA holds an 85.79% stake in TAQA Morocco, which is listed on the Casablanca Stock Exchange.

The MoUs involve potential investments of around AED 52 billion (approximately 130 billion Moroccan Dirhams) in Morocco. The focus will be on developing low-carbon power and water generation assets to aid Morocco's energy transition and water security. This includes acquiring an existing Combined Cycle Gas Turbine (CCGT) power plant and developing new gas-fired and renewable power projects.

TAQA Morocco plans to develop 1,200 MW of new renewable energy projects. Additionally, they aim to create a high voltage direct current transmission infrastructure of 3,000 MW connecting southern and central Morocco. These initiatives are part of a broader strategy to enhance the country's energy infrastructure with sustainable solutions.

The agreements also cover seawater desalination projects with a capacity of about 2.5 million cubic metres per day. These desalination efforts will be powered by sustainable energy sources developed by TAQA Morocco and its partners. Furthermore, there are plans for water transmission networks capable of handling approximately 2.2 million cubic metres daily.

TAQA's collaboration with Nareva, a subsidiary of Al Mada Group, and the Mohammed VI Investment Fund highlights strategic partnerships aimed at advancing Morocco's infrastructure. The acquisition of a 400 MW CCGT power plant in Tahaddart is part of these efforts, along with potential development of additional greenfield CCGT power projects totaling 1,100 MW.

Farid Al Awlaqi, Chairman of the Supervisory Board at TAQA Morocco, stated: "TAQA Morocco is an established and trusted energy partner in the Kingdom of Morocco, and today’s announcement is a testament to the company’s track record and commitment to diversifying its portfolio and transitioning to lower carbon energy alternatives to accelerate sustainable development in the Kingdom."

Commitment to Sustainable Growth

The announcement aligns with a declaration signed in December 2023 by His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty King Mohammed VI. This declaration aims to establish a solid partnership focusing on economic cooperation between the UAE and Morocco. Several MoUs were announced during this ceremony, emphasizing investment partnerships in energy and water sectors.

TAQA Group brings extensive experience in low-carbon gas-fired and renewable power generation through its international portfolio. As the largest producer of desalinated water in the UAE, TAQA aims to leverage this expertise for sustainable water generation in Morocco.

TAQA Morocco plays a crucial role as an independent power producer in the country, meeting nearly 34% of its electricity needs through the Jorf Lasfar power complex with a capacity of 2.056 GW. This initiative supports both nations' aspirations for progress by enhancing economic ties through innovative partnerships.

With inputs from WAM