Morocco Has Invested $5.6 Billion in Renewable Energy Projects

Morocco has invested MAD 55 billion ($5.6 billion) in order to supply its domestic economy with cost-effective, clean energy, the country's Energy Transition and Sustainable Development Minister has said.

Rabat – Morocco has invested MAD 55 billion ($5.6 billion) in order to supply its domestic economy with cost-effective, clean energy, the country’s Energy Transition and Sustainable Development Minister has said.

Currently under construction are a number of projects with a combined capacity of roughly 4.6 gigawatts, Minister Leila Benali explained, adding that a total of about 203 megawatts of additional capacity from renewable sources were put into service between 2021 and 2023.

Several new projects totaling about 1,000 megawatts were authorized during the same period, which is the most capacity the ministry has ever approved in a single year.

In comparison to the 0.16 gigawatts built annually between 2009 and 2012, around 1.3 gigawatts are anticipated to be built annually between 2023 and 2027.

Leila Benali also emphasized that her ministry has implemented a number of incentives to promote solar energy use in the agricultural industry, such as exempting raw materials used in the production of solar panels from value-added tax (VAT).

Last August, Morocco invested $5.2 billion in solar-related projects, with the Noor Ouarzazate complex, which is the largest renewable project in Morocco, acting as an example of the potential renewable energy in the country.

In a 2022 Forbes interview, Benali expressed her desire that Morocco be known as a “destination for renewable energy.”

The minister went on to say that she wanted “every school, mosque, and home to have electricity,” and that employing microgrids might be a way to achieve the energy needs.