The natural conditions and potentials of the African continent can become an important factor in the new green energy map of the world. It is a continent that has natural resources that can be invested in but at the same time a very large need for energy in several segments. The need for energy in rural areas for cooking is particularly striking, and exactly renewable energy is the solution because it can be used even where there is no network.
In addition to natural potential, Africa has a serious opportunity to become a significant player in the new global green energy map and if it succeeds in building a single energy market, which will enable long-term sustainability and development. In terms of investments, the countries of the northern part of Africa have so far made serious investments and projects that are in the direction of meeting the targets.
According to the implemented projects, Morocco is one of the leading countries in the northern part of Africa. The country also has high goals in terms of energy transformation. Morocco aims to have 80% of its total energy from renewable sources by 2050. The mid-term strategy states that by the end of the decade the share of renewable energy should rise to 52%.
In order to achieve these goals, Morocco’s institutions are creating an appropriate business climate that will attract fresh capital to scale up solar and wind energy projects.
The installed capacity in renewable energy is about 4.5 GW, and the annual growth is about 10%. According to forecasts, if this dynamic of investments continues until 2030, the installed capacities in green energy will amount to about 10 GW. Viewed individually by type of renewable energy by the end of the decade, the installed capacity of wind power in Morocco will increase to 4.3 GW, solar power 2.1 GW, and hydropower to 3.3 GW.
The major energy transformation taking place in Morocco indicates that the country is well on its way to attracting fresh capital for projects in this sector in the next period. Good conditions and reduced prices of technology and materials for the construction of solar power plants is an additional motive for investors.
In the tender published by the Moroccan Agency for Sustainable Energy, 333 MW of PV capacity was awarded for tender. The energy company from the United Arab Emirates Amea Power has two projects with a capacity of 36 megawatts each. Moroccan energy company Taqa Maroc (48 MW), Italian renewable energy company Enel Green Power (48 MW) and French investor Voltalia (117 MW) also received projects.
In order to improve the conditions for investment, greater institutional support and shortening of administrative deadlines are necessary. That would contribute to shortening the time for the implementation of the projects to a large extent. It is particularly important in the energy storage segment, which is also interesting for investors who are interested in their investments in Morocco.
An additional positive signal is a political will in Morocco for the development of renewable energy projects. According to the data, Morocco provided 52.1 billion dollars for solar projects in the country.
The interest of investors is at a satisfactory level, which is a positive signal for the continuation of the growing trend of investments in renewable sources in Morocco in the next year as well. If this trend continues in the next period, it is very likely that the country will successfully meet its renewable energy targets and become one of the leaders in Africa.