- Lekela Power looks to Morocco as a potential market due to the country’s promising renewables and green hydrogen offers.
- Rabat and Cairo’s co-launch of the Africa Green Hydrogen Alliance reflects both countries’ interest in developing exemplary renewable and large-scale green hydrogen projects.
Lekela Power, an Amsterdam-based renewable energy producer, looks to Morocco as a potential market given the country’s promising renewables and green hydrogen offers. Lekela CEO Chris Antonopoulos, during an interview with The Africa Report, stated that the Africa-focused group expects to triple in size over the next three to four years after its recent acquisition by Cairo-based renewable energy solutions provider Infinity Group and Nigeria-based pan-African development company Africa Finance Corporation. In addition, Lekela is exploring potential growth opportunities in other African countries, including Morocco, Tunisia, and Kenya.
In addition, Lekela is developing a 250-megawatt (MW) wind power farm in Egypt, with the project’s financial closure expected for 2023 and early 2024. The project near the Red Sea is set to take two years to build. Egypt’s growing renewables market, which was recently boosted by the hosting of COP 27 in Sharm El Sheikh, reflects the regional interest in investing in low-carbon and clean solutions with Morocco, another North African country, offering solid infrastructure for investors interested in Africa’s abundant solar and wind energy.
Rabat and Cairo’s co-launch of the Africa Green Hydrogen Alliance reflects both countries’ interest in developing exemplary renewable and large-scale green hydrogen projects. In Morocco, the governmental support for the decarbonization agenda has been vital in attracting the attention and support of numerous multinationals, including Saudi Arabia’s ACWA Power, India’s Adani Group, and Egypt’s Hassan Allam Holding. By 2050, Rabat expects to boost the share of electricity generated from renewable energy in the total energy mix to 80%. As a result, Morocco will likely fulfil its decarbonization goals and complete its energy transition.