Taqa Maroc sets up renewable energy subsidiary
Morocco’s largest private electricity producer, Taqa Maroc, has launched a renewable energy subsidiary to take care of its solar projects, Moroccan media said.
UAE firm Taqa Maroc is listed on the Casablanca stock exchange and has reported a first quarter revenue of 4.09 billion dirhams, up 53.9% from last year as coal prices drop.
It said it plans 96 MW in the Noor PV II project and an additional 200 MW in two new projects as it also prepares to launch a desalination plant.
News outlet Le Desk reported that the new subsidiary will be called Taqa Morocco Green and will also produce green hydrogen in Morocco’s southern provinces, the Sahara.
Green hydrogen features prominently in Morocco’s renewable energy strategy as the country prepares the ground to attract foreign investors with a potential to export.
Morocco plans to generate at least 52% of its electricity from renewable sources by 2030.