Morocco is set to quadruple its investments in renewable energies to reach 15 billion dirhams ($1.5 million) annually between 2024 and 2027, as explained by Leila Benali, The Moroccan Minister of Energy Transition, during a recent speech in the House of Representatives.
According to the Minister, the annual investment rate will increase from 4 billion dirhams to 15 billion dirhams between 2024 and 2027.
Morocco imports around 90% of its energy needs, primarily oil, gas, and coal. To reduce this reliance on imports, the kingdom is aggressively hastening its efforts to secure its energy needs, setting ambitious targets to increase the share of renewable energy in its electricity mix to over 52% by 2030, as stated by the Royal Court.
According to the minister, Morocco has completed projects to produce 4,600 megawatts of clean energy. Between 2021 and mid-2024, the ministry granted licenses to generate 200 megawatts of clean energy, the highest capacity the ministry has licensed in recent years.
As of 2022, 38% of Morocco’s total installed electricity capacity comes from renewable energy sources like wind 13.5%, solar 7.8%, and hydropower 16.7%.
Morocco’s renewable energy transition is driven by the need to reduce energy imports, Morocco is working on increasing investment in renewable energies, as well as forming partnerships in the field of green hydrogen, as part of efforts to reduce dependency on external sources and to position itself as a renewable energy powerhouse in North Africa.
