Morocco eyes $9bn solar spend by 2020Monday, January 18, 2016 > 09:58:21
The Moroccan Agency for Solar Energy (Masen) is targeting $9 billion in investment by 2020, according to a recent report by the World Future Council.
By 2030, Morocco aims to generate 52 percent of its electricity from renewables, including 2 gigawatts each from solar, wind, and hydroelectric power, Morocco announced at the recent COP 21 United Nations Climate Change Conference.
Currently Morocco’ is the Middle East’s largest energy importer, at more than 97 percent of its total, according to the World Bank.
Morocco’s recently-announced goal to generate more than half of its electricity from renewables by 2030 presents strong business opportunities, energy experts announced today (January 17) at the World Future Energy Summit (WFES), opening tomorrow in Abu Dhabi, UAE.
WFES 2016, hosted by Masdar, will be co-located with the International Water Summit and EcoWASTE at the Abu Dhabi National Exhibition Centre from January 18 to 21.
Encouraging new business opportunities and innovation in the solar markets of Morocco and the region is the WFES Solar Expo. More than 150 solar exhibitors will interact with innovators, project developers, and buyers to experience the latest solar innovations, learn about solar trends, and network with solar experts at the WFES conference.
Morocco’s signature solar project is Noor, which is set to be the world’s largest concentrated solar power plant in the world, with a capacity of more than 500 megawatts and set to power 1.1 million homes by 2018, according to the World Bank.
Supporting Morocco’s renewables, the World Bank has joined the European Bank for Reconstruction and Development, BMCE Ban, and Clean Technology Fund in investing in solar plants and wind farms in Morocco. Morocco will also host COP 22 in 2016.
Masdar and the Moroccan government recently announced a partnership to install solar home systems in more than 17,000 homes in rural Morocco. Furthermore, Masdar recently announced that Morocco is one of three key markets in the Middle East and North Africa for renewable energy investment over the next 10 years.