Morocco has set an annual investment target of nearly 10 billion Moroccan dirhams ($1 billion) over the coming years to boost the share of renewable sources in the energy mix and slash power import, a newspaper said on Monday.

Hespress, citing a government report, said Morocco produced nearly 4 gigawatts (GW) from renewable energy sources in 2023 and it aims to add 800-1,000 megawatts (MW) annually in the next year to attain the targeted share.

The paper quoted the report as saying Morocco aims to expand that share to 52 percent in 2030 and nearly 80 percent in 2050.

As a result of those investments, Morocco will be able to sharply reduce the energy import bill, which is estimated at MAD150 billion ($15 billion) a year, the report said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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