2022-05-17
http://w3.windfair.net/wind-energy/pr/40252-globaldata-morocco-capacity-installation-investment-thermal-power-renewable-power-wind-energy-program-wind-farm

News Release from GlobalData

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Renewable power to account for 20.6 GW of Morocco’s power capacity by 2035, says GlobalData

Thermal power was the most dominant segment of Morocco's power capacity in 2021 as it accounted for 60.5% of total capacity says GlobalData.

Image: PixabayImage: Pixabay

According to the leading data and analytics company, while renewable power only had a 23.8% share, or 2.6 GW capacity in 2021, it is estimated to witness rapid growth between 2021 and 2035, growing at the highest CAGR of 10.3% and is forecasted to account for over half the cumulative installed capacity in the country.

According to GlobalData’s report, ‘Morocco Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2022-2035’, Morocco is focusing on attracting international companies and easing financing to achieve its target of 52% of power installed capacity being renewable energy by 2030. In November 2021, the Moroccan Foreign Ministry announced that the country will mobilize around MAD14.5 billion ($1.6 billion) of global investment to finance a 1,000 MW integrated wind energy program. The capital will be used to build wind parks across the country and these are expected to be commissioned by 2024.

Image: GlobalData

Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData, says: “The greatest challenge for the Moroccan government is ensuring energy security, as its low fossil fuel reserves mean that it must depend on imports to meet its power generation needs.”

The government is planning to increase renewable capacity to diversify its supply mix and gain energy independence. To achieve large-scale renewable deployments, the country needs equipment manufacturing facilities, that use state-of-the-art technology and a skilled workforce.

Saibasan adds: “The government, along with several private entities, has taken steps to boost growth in the country’s power sector. Solar Cluster, a non-profit organization based in Morocco, provided distance training during the pandemic to help businesspeople develop their skills independently. The Ministry of Energy, Mines and Environment (MEM) is also working to integrate the national electricity transmission and distribution network to improve development, predictive management, and renewable energy output modernization. As a member of the Regional Center for Renewable Energy and Energy Efficiency (RCREEE), Morocco is expected to receive support to sustain the momentum of renewable energy growth." 

Source:
GlobalData
Author:
Press Office
Link:
globaldata.com/...
Keywords:
GlobalData, Morocco, capacity, installation, investment, thermal power, renewable power, wind energy program, wind farm



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