UAE's TAQA Group to develop $14bln energy and water projects in Morocco
TAQA Morocco, a subsidiary of Abu Dhabi-listed utilities and energy company TAQA Group, is collaborating with local energy company Nareva and the Mohammed VI Fund for Investment (Fonds Mohammed VI pour lnvestissement) to develop renewable energy, desalination, and gas-fired power generation projects in the Kingdom.
TAQA Morocco and partners signed three memorandums of understanding (MOU) and associated development agreements with the Moroccan government and the National Office of Electricity and Drinking Water (ONEE) to develop these projects with an investment plan totaling approximately 130 billion Moroccan dirhams ($14 billion) by 2030, according to a press statement issued by the company.
The key project components are:
Production of 900 million cubic metres (m3) of desalinated water and the construction of a water transport network capable of carrying 800 million m3.
Acquisition of the existing 400-megawatt (MW) Tahaddart gas-fired power plant and the addition of 1,100 MW in new combined-cycle capacity.
Development of 1,200 MW of new renewable energy capacity under contract with ONEE.
A high-voltage direct current (HVDC) line with an approximate capacity of 3,000 MW.
Project ownership will be shared equally between TAQA Morocco and Nareva, with a 15 percent stake held by the Mohammed VI Fund.
The initiatives will increase the share of gas-fired power in Morocco's baseload energy mix and facilitate higher integration of renewable energy sources into the national grid.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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