Morocco's water and electricity utility (ONEE) will construct a 990 MW gas-fired power plant for $420 million, according to the country's bourse regulator AMMC.
ONEE will finance 20% of the 990 MW gas-fired power plant, with the remaining 80% funded by loans from Attijariwafa Bank and Bank of Africa, along with securitization funds.
The plant, featuring two open-cycle gas turbines and using diesel as backup fuel, will be built in northern Morocco on the Alwahda site near a gas pipeline used for Spanish imports since 2023.
Morocco is seeking to diversify its energy sources by introducing gas. The country also aims to achieve a 52% share of renewable energy capacity by 2030, up from the current 45%.