Join on WhatsApp 
Join on Telegram Rabat – Israel’s Ambassador to Morocco David Govrin announced on Tuesday that the Israeli company Marom Energy acquired almost a third of Moroccan company Gaia Energy’s shares.
“Development initiatives continue between Morocco and Israel, where a huge deal was signed, through which 30% of the shares of the Moroccan company Gaia Energy will be acquired by the Israeli company Marom Energy, which is a precedent in the field. This deal will enable the Moroccan company to invest $1.2 billion in renewable energy,” tweeted Govrin.
As part of the deal, the Israeli group Gandyr will help boost the development of Gaia Energy’s projects in various green energy sectors. Gandyr is set to invest in the new venture through Marom, its subsidiary.
Mohamed Zniber created Gaia Energy in 2008 to promote the development of renewable energies in Morocco. The company specialized in developing wind projects in Morocco in its early years. It expanded towards the Maghreb region and across Africa throughout 2012-2013.
Marom Energy, Grandyr’s subsidiary active in the renewable energy sector, is said to be looking to expand its operations to different markets worldwide.
Gaia Energy President Zniber told the media that “the MAD 13 billion ($1.2 billion) of investments planned include the part financed by our partners, as well as banks which will finance 75% of our projects.”
Morocco is one of the leading countries in the world in producing renewable energy. The country has accelerated its renewable energy production since 2006 and aims to have 52% of its energy from renewable sources by 2030 (20% using solar energy, 20% wind, and 12% hydro).
Read also: Morocco Projected To Have Achieved 52% Renewable Energy by 2030
Morocco and Israel formally normalized ties on December 22, 2020, and relations between the two countries have exponentially increased in recent months. Just last month, the two countries signed a trade and economic cooperation agreement to facilitate investments.
