Morocco Renewables Report Q2 2016
BMI View: Morocco will be one of the most attractive markets for renewable energy investment in theMENA region over the next decade, primarily due to its supportive regulatory environment. This isevidenced by a growing project pipeline and strong investor interest in the market, which support ourpositive 10-year growth forecasts for non-hydro renewables capacity in the country.
Latest Updates & Structural Trends
We expect non-hydro renewables capacity in Morocco to increase more than four-fold over our 10-yearforecast period, totalling nearly 5.3GW by 2025. Wind and solar power will be at the forefront of therenewables expansion, contributing 58% and 42%, respectively, to the country's total renewables capacitymix in 2025.
In February 2016, King Mohammed VI of Morocco opened the 160MW Noor I concentrated solar powerplant near Ouarzazate city. The solar thermal plant is the initial phase of a larger 580MW complex.
Abu Dhabi National Energy Company's (TAQA) subsidiary TAQA Morocco is expected to startworking on a 140MW wind farm in Morocco in early 2016. The company has secured all the requiredpermits to operate as an independent power producer.
In early 2016, the Moroccan Agency For Solar Energy invited expressions of interest to develop thefirst phase of the 400MW Noor Midelt (NoorM I) solar power project. The project is expected to reachfinancial close in 2017, with construction works scheduled to begin by the end of that year.
Italian renewables operator Enel Green Power has placed the lowest bid in a 850MW wind power tenderin Morocco, according to sources reported by Bloomberg. Enel is reportedly competing for the tender incollaboration with Moroccan firm Nareva Holding and Siemens Wind Power. The tender comprisesfive projects, which are expected to be commissioned during 2017-2020.
The European Bank for Reconstruction and Development and Banque Marocaine du CommerceExtérieur will offer a EUR126mn (USD133.3mn) financing package to build the Khalladi wind parknear Tangier, Morocco. The loan is expected to cover nearly 77% of the project costs. The 120MW windpark features 40 turbines of 3MW each.
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