UK-based Sound Energy PLC has raised $2.2m to support its business, including plans to launch a solar energy project in Morocco.
The funding includes a €1.3m loan and £500,000 from selling shares. The company says the money will help improve its cash position and get its Morocco plans off the ground.
Some of the funds will cover day-to-day costs. The rest will go into setting up a new solar joint venture, which the company sees as an important step for future growth.
The move shows growing interest from foreign investors in Morocco’s renewable energy sector. Sound Energy PLC wants to build a long-term presence in the country.
The company is also trying to rely less on gas and expand into cleaner energy.
It is using its main gas project in Tendrara, in eastern Morocco, to fund this shift. Sound Energy PLC recently agreed to sell part of its gas assets to Managem Group to bring in cash.
Morocco plans to get 52% of its electricity from renewable sources by 2030, creating opportunities for companies like Sound Energy PLC.
New rules now allow private companies to sell electricity directly to industrial clients. The company also plans to offer a mix of gas and solar power to businesses that want reliable and cleaner energy.
The $2.2m raised is a short-term step. The next goal is to set up the solar joint venture legally and bring in local partners.
