Nareva confirms renewable energy ambitions

Moroccan energy group Nareva, a subsidiary of the royal holding company Société Nationale d'Investissement (SNI), has confirmed ambitions to grow its renewable energy business internationally as well as domestically.

Speaking at the COP22 meeting in Morocco, Nareva's general manager Ahmed Nakkouch confirmed that the company, which currently has a portfolio of energy assets with a total generating capacity of 3,000 MW, of which 1,650 MW in renewable energy, has Pan-African ambitions in clean power.

In June, Nareva signed a partnership agreement with French energy group Engie (EPA:ENGI) to jointly develop 5 GW to 6 GW of new power generation and energy services projects in North and West Africa.

Egypt, Ivory Coast, Senegal, Ghana and Cameroon are the first markets where the two partners announced they will work together.

At home, Nareva, in consortium with Enel Green Power SpA (BIT:EGPW) and Siemens Wind Power AS, won a tender to build 850 MW of wind power plants, selling the generated electricity at a rate of about MAD 300 (USD 30 /EUR 28) per MWh.

While it is currently best known for developments in wind power, Nareva is looking into investment opportunities across all renewable energy sectors, including solar, hydro and biomass and even marine energy, Nakkouch said.

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