By Ahmed Eljechtimi
RABAT (Reuters) -Moroccan electricity and water utility ONEE has signed deals for projects from desalination to renewable energy and transmission lines with a consortium comprising the Mohammed VI Investment Fund and energy groups TAQA Morocco and Nareva, it said on Monday.
TAQA Morocco, a unit of Abu Dhabi’s TAQA Group, said the deals represented a total investment of 130 billion dirhams ($14.05 billion). TAQA Morocco shares were earlier suspended from trading on the Casablanca stock exchange pending the announcement.
The projects, to be completed by 2030, include the construction of a 1,400 km high-voltage transmission line with a capacity of 3,000 megawatts linking Western Sahara to central Morocco, ONEE said in a statement.
The consortium also plans to build desalination plants across the country with a combined annual capacity of 900 million cubic meters, and a waterway connecting the Sebou River in the northeast to the drought-hit Oum Rabia River in the south.
In addition, it will develop 1,200 megawatts of new renewable energy capacity and construct a combined-cycle gas power plant at the Tahaddart site in northwestern Morocco, with a capacity of nearly 1,500 megawatts.
The projects will be equally owned by TAQA Morocco and Nareva, with a 15% stake held by the Mohammed VI Investment Fund and other public entities, TAQA Morocco said in a statement.
ONEE said the consortium would seek both domestic and international financing for the projects, but did not provide a timeline for securing funds.
The agreements follow commitments made during King Mohammed VI’s 2023 visit to the United Arab Emirates aimed at deepening Moroccan-Emirati cooperation.
Morocco is seeking to reduce its reliance on coal by boosting natural gas use and accelerating its renewable energy strategy, which is targeting 52% of installed capacity to come from renewables by 2030, up from 45% currently.
Renewable capacity currently stands at 5.5 GW.
($1 = 9.2497 Moroccan dirham)
(Reporting by Ahmed Eljechtimi; Editing by Louise Heavens and Jan Harvey)
