Morocco Needs $40bln in Energy Investments

Morocco needs to invest over $40 billion to achieve its national energy goals, its Minister of Energy Transition Leila Benali has said.

“We need to invest more than $20 billion in renewable energy and energy efficiency, and another $20 billion in the interconnection between Africa and Europe,” she told the Saudi news website Asharq.

She noted that renewable resources contribute over 45 percent to Morocco’s electricity and are on track to reach 52 percent ahead of Morocco’s 2030 target.

Morocco also needs to boost battery storage projects, the Minister said, adding that the country seeks to double its electricity generation capacity by 2030 to reach 27 gigawatts (GW), up from 12 GW currently available.

“This will need a total of $13 billion…renewable energy will eventually account for 80 percent of Morocco’s energy consumption,” she said.