Shanghai Electric, a state-controlled Chinese company, plans to invest more than USD 2 billion (MAD 17 billion) in solar power projects in Morocco over a period of five years, according to a media report on Tuesday.
"The company is now preparing to invest more than USD 2 billion (MAD 17 billion) in the construction of solar power plants in Morocco over the next five years," said the Arabic daily Hespress.
The investments, which involve a number of solar power generation projects across Morocco, are part of a USD 16.5 billion commitment by the Chinese company in seven Arab countries.
"There are plans to construct five power solar stations, with a combined generation capacity of 3.5 GW, in various parts of the country as part of a strategy to cut energy imports," said the paper.
Although the company, which is listed on the stock exchanges in Hong Kong and Shanghai, did not disclose further details of the projects, it said they coincide with plans between the two countries to sign agreements on renewable energy and exploration for oil, gas and minerals in Morocco.
"These projects will turn Morocco into one of the most important clean energy producers in 2020," said the daily.
The paper quoted local sources and the Chinese firm as saying that the latter has already obtained funding for the projects from China Development Bank.
© Zawya Projects News 2014
