Sept 21 (Renewables Now) - French renewable energy developer Valorem will close its Moroccan operations just five years after establishment, Moroccan daily Challenge reports.
Valorem General Energie, a Casablanca-based joint venture in which the French company has a 50% stake, has built up a project portfolio of 50 MW, mainly solar power projects but Valorem has decided to freeze costs and turn to markets where financial closing for projects is faster, the daily notes in a report from Wednesday.
Despite Morocco's ambitious targets for a 42% share of renewables in the total electricity generation capacity by 2020, and 52% by 2030, project development in the country is not easy for independent power producer (IPP) under the 13-09 law on renewable energy. Outside Nareva, a subsidiary of the royal holding company Société Nationale d'Investissement (SNI), and ACWA Power's Khalladi wind farm which is currently under construction, no other developer has succeeded in finding finance for a big project.
According to its website, Valorem is also active in France, the French Carribbean and Northern Europe via its Three oaks joint venture specialized in putting together bids for renewable energy projects in the Nordic countries.