In the run up to the forthcoming UN climate change summit in November, American investors are showing organic interest in Morocco’s renewable energy sector.
The Local daily L’Economiste reported that a Moroccan delegation representing the sector made a trip to the United States last week to brief potential investors about the opportunities offered by the North African country, while US special envoy for Science Daniel Kammen is visiting Morocco this week.
The North African Post reported that US-based firm, Nano PV Global, focused on solar power technology, last month announced it would launch by the end of 2016 a project worth $205 million to manufacture solar panels.
Morocco and the US have already launched partnerships in the area of scientific research related to renewable and solar energy.
Renewable sector gets boost
In July, the African Development Bank (AfDB) applauded Morocco for driving 85% of its foreign direct investment into Africa, as well as its decision to rejoin the African Union.
Morocco has set the target of generating more than half of its power from renewable resources by 2030 adding that it will increase its renewable energy target from 42% by 2020 to 52% by 2030. The 42% will comprise of 2 gigawatts each of solar, wind and hydropower.
This ambitious target was set prior to the COP21 climate summit in Paris last year.
Over the past few years, Morocco has continued to drive and stimulate investment in the renewable energy industry. The country recently announced that it is gearing up for the first phase of its Concentrated Solar Power (CSP) plant, Noor 1, which was to come online last month and generate 160MW.
Media added that the US Agency for International Development (USAID) earlier this month pledged support for research in Morocco on the integration of solar energy microgrid into ‘smart buildings.’