Norwegian Empower New Energy to invest US$2M in 4 solar plants in Morocco

MOROCCO – Norwegian Empower New Energy, an impact fund manager investing in small and medium-scale renewable energy projects is set to invest US$2 million in 4 Zalar Holding’s plants.

Zalar Holdings is Morocco’s leading poultry Group that deals with grain trading, animal feed, hatchery, broiler, as well as slaughtering & meat processing.

The Norwegian business will work with Morocco’s renewable energy company Jet Energy to install solar panels on the roof of Zalar’s plants in ELDIN Had Soualem, Agro Industrielle Al Atlas Tit Mellil, Banchereau Maroc Mediouna, and Al Alf Fes.

The financing marks the first time the Norwegian company has backed a project in the North African country.

The solar panels are expected to generate around 3,800 MWh of energy per year for a period of 16 years in a bid to reduce Zalar’s CO2 emissions to around 3,000 tonnes a year.

The project will enhance the production capacity of the facility as well as enable smooth operations without power  interruptions.

In addition to stealth operation in the plants, the project will also create more than 100 jobs during the installation and maintenance of the solar panels.

With increased production ability, Zalar holdings will add on the country’s production capacity of more than 6.5 million tons per year for effective production, which peaks at 4 million tons of animal feed.

According to the CEO of Zalar holding Siham Benhamane, the company aims to achieve a measurable impact on affordable, reliable, and clean energy.

The partnership could be a model for future opportunities and growth in line with Morocco’s energy transition plan,” said Norwegian Ambassador to Morocco Sjur Larsen.

Empower partnering with Moroccan industrials will bring a reliable financing model for solar investments in Morocco.”

The move is in line with Morocco’s strategy to shift to renewable and clean energy and reduction of CO2 emissions.

The North African country is currently sitting with 37% renewables capacity in its national grid and is widely recognized as an African frontrunner in the sector.

The country is pushing to achieve its goal of the use of renewables in its electricity mix to 52% by 2030 and up to 100% by 2050.

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