Abu Dhabi: Abu Dhabi National Energy Company PJSC (TAQA) announced today that its subsidiary, TAQA Morocco Group, has signed three Memoranda of Understanding (MoU) with Moroccan partners, including Nareva and the Mohammed VI Investment Fund. These agreements are in collaboration with the Government of Morocco and the Office National de l'Electricit© et de l'Eau potable (ONEE).
According to Emirates News Agency, the MoUs aim to explore the acquisition of an existing Combined Cycle Gas Turbine (CCGT) power plant, and the development of new low-carbon gas-fired power and renewable power generation projects. Additionally, the projects will include seawater desalination, water transmission infrastructure, and electricity transmission infrastructure in Morocco.
Under these agreements, TAQA Morocco and its partners will jointly focus on developing low-carbon power and water generation and transmission assets with a potential investment of approximately AED 52 billion (approximately 130 billion Moroccan Dirhams). The MoUs encompass new seawater desalination projects with a daily capacity of approximately 2.5 million cubic metres, powered by sustainable energy sources to be developed by TAQA Morocco and its partners.
The agreements also involve developing water transmission networks with a capacity of approximately 2.2 million cubic metres per day. Additionally, they will acquire an existing 400 MW CCGT power plant in Tahaddart and potentially develop 1,100 MW of greenfield CCGT power projects. The development of 3,000 MW high voltage direct current transmission infrastructure and 1,200 MW of new renewable energy projects is also part of the plan.
TAQA Group, experienced in low-carbon gas-fired and renewable power generation, as well as desalinated water production, will bring its expertise to Morocco through these initiatives. Farid Al Awlaqi, Chairman of the Supervisory Board of TAQA Morocco, emphasized the company's commitment to diversifying its portfolio and transitioning to lower carbon energy alternatives, supporting Morocco's energy transition and water security.
This announcement follows a December 2023 ceremony where Sheikh Mohamed bin Zayed Al Nahyan and King Mohammed VI signed a declaration to establish a 'solid and innovative partnership' for economic, trade, and investment cooperation, aligning with the development aspirations of both nations. During this ceremony, several MoUs, including energy and water investment partnerships, were announced.
TAQA Morocco, listed on the Casablanca Stock Exchange, is the leading Independent Power Producer in Morocco, producing nearly 34% of the Kingdom's power needs through the Jorf Lasfar power complex.