Nareva Holding and Taqa Morocco plan to jointly take control of a company that operates the Tahaddart power plant in northern Morocco, as part of efforts to expand electricity production.
The two groups intend to acquire at least 85% of the capital and voting rights in Energie Electrique de Tahaddart. The stake would be shared equally, giving each partner 42.5%.
At the same time, the companies plan to create a new joint venture called Tahaddart 2 & 3 to develop a new power plant near the existing site.
Energie Electrique de Tahaddart, founded in 2002 and based in Tangier, operates and maintains the Tahaddart combined-cycle gas power plant. The facility has an installed capacity of 400 megawatts.
The planned Tahaddart 2 & 3 project will involve building a new combined-cycle power station close to the current plant. The project includes two generation units with a total capacity expected to range between 1,000 and 1,400 megawatts.
Taqa Morocco, listed on the Casablanca Stock Exchange since 2013, is Morocco’s largest private electricity producer, with several plants and a combined capacity of more than 2,000 megawatts.
Nareva Holding, created in 2004 and based in Casablanca, develops projects in electricity generation and water management, including wind farms, thermal plants and projects linked to irrigation and desalination.
The planned deal forms part of a strategy to expand flexible electricity production with lower carbon emissions, using natural gas as the main fuel.
