Taqa-led group to acquire and build $14bn Morocco portfolio
20 May 2025
Taqa Morocco Group, the Casablanca-listed subsidiary of Abu Dhabi National Energy Company (Taqa), along with partners Nareva, part of Moroccan private holding company Al-Mada Group, and the sovereign Mohammed VI Investment Fund, have signed preliminary agreements to acquire and develop power generation and water desalination plants and associated infrastructure in Morocco.
According to the memorandums of understanding (MoU), Taqa Morocco and its public and private partners will jointly explore the development of low-carbon power and water generation and transmission assets with a potential investment of approximately AED52bn, or about MD130bn ($14.15bn).
The scope of the MoUs includes:
- New seawater desalination projects with a capacity of approximately 2.5 million cubic metres a day (cm/d), which will be powered by ancillary sustainable power sources, to be developed by Taqa Morocco and its partners;
- Development of water transmission networks with a capacity of approximately 2.2 million cm/d;
- Acquisition of an existing 400MW combined-cycle gas turbine (CCGT) power plant in Tahaddart in northern Morocco, and the potential development of 1,100MW of greenfield CCGT power projects;
- The development of 3,000MW of new high-voltage, direct-current transmission infrastructure connecting the south to the centre of Morocco, and 1,200MW of new renewable energy projects.
The Moroccan government and the Office National de l’Electricite et de l’Eau Potable (Onee) are the counterparties for the deals.
Farid Al-Awlaqi, chairman of the supervisory board of Taqa Morocco and chief executive of generation at Taqa Group, described the announcement on 19 May as "a testament to the company’s track record and commitment to diversifying its portfolio and transitioning to lower carbon energy alternatives, to accelerate sustainable development" in Morocco.
According to Taqa, its Moroccan subsidiary meets nearly 34% of the country’s power needs through the Jorf Lasfar power complex, which has a 2.1GW capacity.
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