Coal Prices, Currency Pressures Cut TAQA Morocco’s Revenue by 2.2% in 2025

Marrakech – TAQA Morocco closed 2025 with consolidated revenue of MAD 10,638 million ($1.06 billion), down from MAD 10,878 million ($1.09 billion) in 2024. The 2.2% drop reflects three main pressures: a planned maintenance overhaul on Unit 6, shifting international coal prices, and an unfavorable USD/MAD exchange rate.

In the fourth quarter alone, revenue reached MAD 2,680 million ($268 million), compared to MAD 2,744 million ($274.4 million) during the same period in 2024.

Despite the revenue slip, the company maintained a global availability rate of 92.1% – down slightly from 93% in 2024 – accounting for a 25-day minor overhaul on Unit 6 and inspections across Units 1, 3, 4, and 5. For Q4 specifically, availability stood at 92.6%, against 93.9% a year earlier.

On the investment front, the group spent MAD 265 million ($26.5 million) in 2025, down 9.3% from MAD 293 million ($29.3 million) in 2024.

Spending covered the acquisition of TAQA Morocco Wind Corporation (TMWC), the Unit 6 overhaul, and routine maintenance across the plant. Net debt fell to MAD 5,293 million ($529.3 million), from MAD 5,582 million ($558.2 million), reflecting scheduled debt repayments.

The company also accelerated its structural transformation. Following the integration of TMWC into TAQA Morocco Green Energy in Q3, the group created four wholly-owned subsidiaries in Q4: TAQA Morocco Flexible Generation, TAQA Morocco Transmission, TAQA Morocco Water, and JLEC 1-4. The 144 MW Boujmil wind project entered construction during the quarter.

Morocco’s largest private power producer, TAQA Morocco has operated in the country since 1997. With an installed capacity of 2,056 MW across six thermal units at Jorf Lasfar, it supplies 34% of national electricity demand while representing only 17% of installed capacity – powering roughly 15 million citizens.

Since its inception, the company has channeled over MAD 30 billion ($3 billion) in investments into the country.

The company is a subsidiary of Abu Dhabi National Energy Company PJSC (TAQA), a government-controlled energy holding headquartered in Abu Dhabi that operates across 11 countries on four continents.

TAQA Morocco’s strategic footprint grew further in May 2025, when it joined a consortium – alongside Nareva and the Mohammed VI Investment Fund – to sign Morocco’s largest-ever private investment deal worth $14 billion with the UAE.

The agreement covers a 1,400-kilometer high-voltage transmission corridor from Western Sahara to Casablanca, four seawater desalination plants with combined annual output of 900 million cubic meters, and 1,200 MW of new renewable capacity. The deal is projected to generate over 25,000 jobs.

Looking ahead, TAQA Morocco says it will continue building its low-carbon portfolio targeting renewables, flexible generation, desalination, and energy and water transport infrastructure by 2030.