MOROCCO –Israeli company Marom Energy has acquired 30% stake in Moroccan company Gaia Energy.
The deal, announced by Israel’s ambassador to Morocco David Govrin will enable the Moroccan company to invest US$1.2 billion in renewable energy.
As part of the deal, the Israeli group Gandyr will help boost the development of Gaia Energy’s projects in various green energy sectors through Marom, it’s subsidiary.
The company specialized in developing wind projects in Morocco in its early years. It expanded towards the Maghreb region and across Africa throughout 2012-2013.
Gaia Energy President Zniber told the media that the MAD 13 billion (US$1.2 billion) of investments planned include the part-financed by our partners, as well as banks which will finance 75% of our projects.
Morocco is one of the leading countries in the world in producing renewable energy. Since 2006, The North African kingdom has accelerated the renewable deployment and aims to have 52% of the energy mix by 2030 (20% using solar energy, 20% wind, and 12% hydro).
The North African country has already built the world’s largest solar complex and is only set to increase power generation from the sun.
The country is set to generate 2000 megawatts from its major solar plants in Ain Bni Mathar, Foum Al Oued, Boujdour, Sebkhat Tah, and its giant Ouarzazate facility.
With projects like these, Morocco is providing a solution in the fight against climate change while creating jobs and cheap energy.
The country’s Economic, Social and Environmental Council estimates that the country could generate 96% of all its energy using renewable energy.
The North African country and Israel formally normalized ties on December 22, 2020, and relations between the two countries have exponentially increased in recent months.
Just last month, the two countries signed a trade and economic cooperation agreement to facilitate investments.
The deal is expected to benefit the country achieve its goals of producing green energy for sustainable development by 2030.