Strategic Partnership Between the Government of Morocco and TAQA Morocco, Nareva, ONEE and the Mohammed VI Investment Fund to Develop Key Power and Water Infrastructures in the Kingdom of Morocco

As part of the implementation of the commitments made in the joint declaration between His Majesty King Mohammed VI, may God Assist Him, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, TAQA Morocco, in partnership with Nareva and the Mohammed VI Fund for Investment, has signed three memorandums of understanding and related development agreements with the Government of Morocco and ONEE. These agreements cover the development of structuring projects in the power, water and renewable energy sectors.

The program aims to strengthen the Kingdom's water and energy sovereignty through the development of flexible natural gas-based power generation capacity, seawater desalination and water transport infrastructure, and a new power transport line between the south and center of the Kingdom.

Involving a total investment of around 130 billion dirhams by 2030, this partnership will enable :

            - The production of 900 million m³ of desalinated water and the transport of 800 million m³ through the water highway project.

            - The acquisition of the Tahaddart gas-fired power plant (400 MW) and the addition of 1,100 MW of combined-cycle capacity.

            - The development of 1,200 MW of renewable energies under contract with ONEE, as well as an HVDC line of around 3,000 MW.

All of these projects will be equally owned by TAQA Morocco and Nareva, with a 15% stake held by Fonds Mohammed VI pour l'Investissement.

Abdelmajid Iraqui Houssaini, Chairman of the Board of TAQA Morocco:

“This strategic public / private partnership will contribute to significantly and sustainably transform the domestic water and energy landscape in Morocco with the enhancement of desalination capacities and water transmission. It reinforcsereinforces the transmission network with a higher contribution of gas-fired power generation in Morocco's baseload to increase the integration of renewable energy sources.This important investment programme will also accelerate the growth and diversification of TAQA Morocco’s business portfolio.”