TAQA Morocco plans $320 mln investments in clean electricity production

TAQA Morocco, a leading private electricity producer, plans to invest about $320 million to produce electricity from renewable sources with a capacity of 200MW by 2025, deputy general manager Omar Alaoui M’Hamdi told Asharq Bloomberg on Tuesday.

The company announced this month the completion of a 6.6 billion dirhams fund raising which enables it to extend the debt maturity of its JLEC 5&6 subsidiary out to 2042 and to develop a diversified portfolio of low-carbon assets.

The company also expects the clean electricity demand to increase in the coming years, as the European carbon tax approaches, encouraging it to invest more in energy production from renewable sources.