The National Office for Electricity and Drinking Water (ONEE) has successfully finalized the financing for the Al Wahda natural gas power plant. With an investment of 4.2 billion dirhams, the agreement was officially signed on Wednesday in Rabat. Present at the ceremony were ONEE’s Director General, Tarik Hamane, and representatives from debt funds Flexenergy and Nord Energy, along with a banking consortium led by Attijariwafa Bank and Bank of Africa.
Located in the province of Ouazzane, the Al Wahda plant is designed to run on natural gas—a transitional energy source intended to support Morocco’s rapid integration of renewable energy into its national electricity mix. The project aligns with Morocco’s ambitious goal to increase the share of renewable energy to more than 52% by 2030. The plant’s ability to provide flexible power generation will help stabilize the nation’s electrical grid, a critical component for ensuring energy security.
This achievement positions ONEE as a pioneering player in strategic investment, particularly with its effective use of debt financing. The completion of Al Wahda’s funding demonstrates the office’s commitment to supporting Morocco’s energy transition and strengthening national energy security.
Beyond its energy contributions, the Al Wahda plant is expected to deliver significant socio-economic benefits to the Ouazzane region. The construction phase will create hundreds of local jobs, stimulate regional economic growth, and promote the development of industrial and logistical activities.
The project represents a key component of Morocco’s broader strategy to modernize its energy sector. It will provide critical infrastructure to meet the country’s growing electricity demands while adhering to sustainability goals and reducing carbon emissions.
