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Morocco Needs to Invest $40 Billion Over Next 5 Years to Achieve Energy Goals
Rabat – Minister of Energy Transition Leila Benali has said Morocco needs to invest over $40 billion to achieve its national energy goals.
The minister made her remarks during an interview with Asharq on the sidelines of the OPEC seminar in Vienna.
“We need to invest more than $20 billion in renewable energy and energy efficiency, and another $20 billion in the interconnection between Africa and Europe,” she said, noting that renewable resources contribute over 45% to Morocco’s electricity and grid and are on track to reach 52% ahead of Morocco’s 2030 target.
Morocco also needs to boost battery storage projects, noting that the country seeks to double its electricity generation capacity by 2030 to reach 27 gigawatts, up from 12 gigawatts currently available.
This will need a total $13 billion, with the minister adding that renewable energy will account for 80% of Morocco’s energy consumption
According to Asharq, Benali also spoke in support of the natural gas pipeline project Morocco has launched alongside Nigeria.
The pipeline project aims to develop Morocco’s gas infrastructure, the report indicated, noting that a new $ 5 billion investment will be announced in July to connect the northern port of Nador with the southern province of Dakhla.
“This is the first phase of the pipeline, which will later extend to Mauritania and Senegal,” the news outlet said, quoting Minister Benali as highlighting the pipeline’s ambition to connect and pass through 11 countries before reaching Morocco.
The pipeline aims to transport three billion cubic feet of gas per day along the West African coast and into Europe via the Maghreb-Europe gas pipeline.
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