Doha – Spanish energy company Factorenergia has established a 50-50 joint venture with a local partner in Morocco, positioning itself to enter the North African country’s energy market ahead of expected sector liberalization.
The move is part of Factorenergia’s broader international expansion strategy, for which its board has approved an investment of approximately €3.8 million, according to CEO Emili Rousaud.
“In Morocco, we already have the company established and it will be operational next year,” Rousaud said. He explained that they will initially focus on “promoting self-consumption and studying generation opportunities” while awaiting market liberalization.
The company is optimistic about timing but remains flexible in its approach. “They have a liberalization agenda in the country. If this happens next year, fantastic, and if it’s in two years, well, we’ll already be there,” Rousaud stated.
Factorenergia, which recently celebrated its 25th anniversary, currently operates across several markets, with Spain remaining its primary focus. The company has established its presence in Portugal, Mexico, Bulgaria, and Chile, offering electricity services in all these countries and gas services in the first three.
The firm’s international operations have shown varying degrees of success, with Portugal contributing 9.5% of total revenue and Mexico accounting for 6.3%, both operating profitably. The company expects to achieve profitability in its Chilean operations by 2025.
Currently serving approximately 300,000 customers, Factorenergia has grown its client base by 30,000 since 2023. Its business model encompasses electricity and gas retail, power plant representation, and services related to self-consumption, sustainable mobility, and energy savings.
The company’s ownership structure includes a 50% stake held by the Ontario Pension Board (a Canadian public pension fund), while CEO Emili Rousaud and the JZI fund each control 25%.
Factorenergia projects its 2024 net profit to be slightly below its record 2023 earnings of €40 million, but above its 2022 results of €34 million, with revenue expected to reach approximately €600 million by year-end.
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