UAE-Morocco consortium sign $14 billion worth of energy, water deals - Energy
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of the companies involved were worth more than $14 billion.
The country and state-owned National Office of Electricity and Drinking Water (ONEE) signed three agreements with the Mohammed VI Public Investment Fund and energy groups Taqa Morocco, a subsidiary of the Emirati energy giant Taqa, and Nareva, the energy wing of the royal holding company Al Mada.
These projects aim to "strengthen both water security and energy independence" in Morocco, the signatories said in a joint statement.
The total investment amounts to nearly 130 billion dirhams (approximately $14 billion) by 2030, Taqa Morocco said in a separate statement.
The signed agreements include the construction of a 1,400 kilometre (850 mile) high-voltage line transporting green electricity from the disputed territory of Western Sahara to Casablanca, as well as seawater desalination plants.
Over the past 15 years, Morocco has invested heavily in renewable energy, which currently provides for 38 percent of its electricity needs and aims to reach 52 percent by 2030.
Facing acute water stress, Morocco is relying on desalination to increase its water resources.
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