Monday, 19 April 2021 01:18 GMT

Abu Dhabi Based Company Aims to Invest in Morocco's Renewable Energy


(MENAFN - Morocco World News) Abu Dhabi based energy company Masdar has announced plans to invest in renewable energy projects in Morocco.

In a recent interview with Gulf News CEO Dr. Ahmad Belhoul revealed his company's intentions to look into investment opportunities in Morocco Egypt and Jordan among others. He stated that a projected increase in demand for renewable energies was the key to this decision.

'Demand for energy is expected to double in the region by 2030. The majority of it will come from renewable energy. It makes sense for us to double our portfolio in the next ten years. We will be a big player in the market' stated Behoul.

Masdar a subsidiary of the Mubadala Group prides themselves on providing clean energy alternatives in the United Arab Emirates and worldwide. Currently they have committed $1.7 billion towards these projects and created 1 giga watt of energy as a result.

Given Morocco's recent record with renewable energy many would feel that Masdar is a good fit for the country. The opening of solar energy plant Noor I last week was the biggest sign of the country's commitment to renenwable energy. Noor I's goal is to provide 52% of the country's renewable energy 2030.

Belhoul however doesn't see his company's ambitions as being limited to just solar energy.

'The Middle East is blessed with lot of sunshine and as such there has been lot of focus on solar power. However there are also countries that have considerable wind power resources' he said in an interview with Gulf News.

'The price of wind technology has gone down by 30% in the last five years. Thus governments are becoming more serious about wind energy' he added.

The opening of Masdar-funded Tafila Wind Farm in Jordan of last month shows that this is the case. By 2020 it is estimated that Tafila will provide the country with enough energy to power 83000 homes while also dramatically reducing carbon emissions.

Edited by Michael Joseph


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Authors_Square_PromoteArticle_Ink2019