- Morocco’s utility ONEE secured €300 million from EIB and KfW to expand its electricity grid and integrate more renewable energy.
- ONEE plans to invest $19.3 billion by 2030 to boost renewable capacity to 56%, support economic growth, and prepare for co-hosting the World Cup.
Morocco’s state-run utility company, ONEE, has secured €300 million ($340 million) in financing from the European Investment Bank (EIB) and Germany’s KfW Development Bank to support integrating renewable energy into the national electricity grid.
The funding package includes €170 million from the EIB and €130 million from KfW. ONEE will use the investment to expand Morocco’s electricity transmission network by 730 kilometres, significantly increasing the grid’s capacity to handle renewable energy.
In a statement, the EIB confirmed that the financing aims to enhance the country’s energy security, reduce greenhouse gas emissions by 390,000 tonnes of CO₂ equivalent annually by 2030, and stimulate economic growth across multiple regions.
Furthermore, ONEE is implementing an ambitious plan to invest MAD177 billion ($19.3 billion) by 2030 to modernise and expand the national electricity infrastructure. The utility aims to raise the share of installed renewable energy capacity to 56 per cent of the country’s total electricity production by 2027, in line with Morocco’s broader energy transition goals.
The funding announcement follows a major agreement signed last week between the Taqa Morocco Group, the Mohammed VI Investment Fund, the Moroccan government, and ONEE. The deal secures AED52 billion ($14 billion) to accelerate projects supporting Morocco’s energy transition and water security.
Meanwhile, in December 2023, UAE President Sheikh Mohamed bin Zayed Al Nahyan and Morocco’s King Mohammed VI pledged to deepen economic cooperation, underscoring Morocco’s strategic importance in regional sustainability efforts.
Meanwhile, construction is progressing on a $653 million seawater desalination plant at Sidi Rahal, near Casablanca. Launched in June 2024, the project is a public-private partnership involving Spain’s Acciona and a local consortium comprising Afriquia Gaz and Green of Africa, both of the Akwa Group. The plant aims to address critical water shortages in Morocco’s largest city.