Morocco, a dynamic player in renewable energy, SolarPower Europe says
Morocco has established itself as a key player in renewable energy, offering numerous investment opportunities in this sector, Brussels-based SolarPower Europe states in a report.
The report, released Tuesday March 18, explores the numerous investment opportunities within Morocco’s solar sector, highlighting the country’s market dynamics, regulatory frameworks, as well as concrete recommendations to accelerate solar deployment.
Morocco is pursuing its energy transition to increase its share of installed electricity capacity from renewable energies to at least 52% by 2030 and 80% by 2050, the reports notes, adding that the solar sector is experiencing steady growth.
“Morocco offers investors the opportunity to contribute to a sustainable future, while achieving attractive returns.”
The report, the first on Morocco’s solar energy, notes that Morocco is one of the African countries with the lowest electricity prices. It sheds light on the strategies adopted by the Kingdom in terms of sustainable development and energy efficiency, which set key objectives to guarantee the security of energy supply, in addition to ensuring “affordable energy for all, energy efficiency, and environmental protection.”
In this respect, the report highlights the goal of reducing the country’s energy needs and consumption, with an overall target of a 20% reduction in energy consumption by 2030, as well as the country’s commitments to reducing greenhouse gas emissions under the Paris Agreement.
SolarPower Europe also emphasizes the focus on public-private partnerships (PPPs) for renewable energy projects in Morocco, a model that mitigates project risks and attracts international investment.
The report adds that Moroccan legislation has opened the market to independent power producers, granting them grid access to sell electricity while also allowing renewable energy producers to develop direct transmission lines and export electricity.
Morocco has modernized its green energy facilities and power grids, the association notes, citing Noor Ouarzazate, “the world’s largest concentrated solar power plant,” as well as the “ambitious investment plan” to strengthen the grid, including a 3 GW ultra-high voltage project between Oued Lekraâ and Médiouna.
Morocco’s “significant solar potential” has recently attracted “not only European developers but also European solar equipment manufacturers, the reports notes.
SolarPower Europe is a member-led association representing organizations across the entire solar value chain. Its mission is to make solar the leading energy source by 2030 and to guide its 300+ members in establishing solar as the foundation of a smart, sustainable, secure, and inclusive energy system.