Morocco’s national water and electricity utility, ONEE, has announced plans to construct a 990MW gas-fired power plant in the north of the country at an estimated cost of $420 million.
According to documents published by the bourse regulator AMMC, ONEE will finance 20% of the project, with the remaining 80% sourced through loans from Morocco’s largest banks, Attijariwafa Bank and Bank of Africa, as well as funding from securitization funds FT Nord Energy and FT Flexenergy.
The facility, which will include two open-cycle gas turbines (OCGT) and diesel as a backup fuel, will be located at the Alwahda site, near a pipeline Morocco has used since 2023 to import natural gas from Spanish terminals.
This project is part of Morocco’s strategy to diversify its energy mix with natural gas while advancing its renewable energy goals. The country aims to increase the share of renewables in its total installed capacity to 52% by 2030, up from 45% in 2024.
In addition, Morocco is planning a natural gas terminal at the Nador West Med port, which will also connect to the same pipeline. Currently, Morocco’s total installed energy capacity is 11,918MW, with coal remaining the dominant energy source.