Dutch-based, Africa-focused renewables firm, Lekela Power, has indicated its plan to enter Morocco’s growing clean energy market as part of the company’s broader African expansion strategy.
The choice of market is largely attributed to the significant opportunities present across the Moroccan renewable energy landscape, with the country offering abundant solar and wind resources that lay the foundation for robust growth across both the power and green hydrogen sectors.
According to Chris Antonopoulos, CEO of Lekela Power, the Moroccan government’s green energy agenda and the country’s renewable resource potential provides an opportunity for the firm to achieve its goal of tripling the size of its business over the next three to four years, while contributing to the country’s larger developmental agenda which is largely based on renewable expansion.
The consideration of entering the market follows Lekela Power’s recent acquisition by Egypt’s Infinity Group and Nigerian-based Africa Finance Corporation, with the entry expected to further boost renewable investments to drive the energy transition and ensure security across Africa.
For Morocco, the entrance of Lekela Power signals new opportunities for the country to meet its electrification targets. Through the government’s plan to have renewables account for 50% and 80% of the energy mix by 2030 and 2050, respectively, the country has already attracted investments from global renewable firms and financiers including Saudi Arabia’s ACWA Power; India’s Adani Group; Egypt’s Hassan Allam Holding; and the European Investment Bank.
Now, with Lekela Power in the mix, opportunities for growth across the market have expanded even further.
