TAQA Morocco made more money in the first half of 2026 even as its revenue fell, while more than doubling its investment. Net profit attributable to the group rose 5.8% to 462m dirhams. Capital spending reached 515m dirhams, up from 210m dirhams in the same period last year.
Revenue fell 5.4% to 5.088bn dirhams.
The drop was mainly linked to a planned 25-day maintenance shutdown of Unit 3 at the Jorf Lasfar power plant, inspections at other units and changes in the dollar-to-dirham exchange rate.
TAQA Morocco generated 6,684 GWh of electricity during the first six months of the year.
The six units at Jorf Lasfar had an average availability rate of 86.6%, compared with 91.7% a year earlier. The lower rate was mainly caused by the planned work on Unit 3.
Despite the lower availability, EBITDA rose 0.7% to 1.66bn dirhams. Operating income stayed almost unchanged at 1.249bn dirhams.
Consolidated net income increased 4.1% to 601m dirhams. Standalone net profit rose to 200m dirhams from 161m dirhams a year earlier.
The group also cut its consolidated net debt by 10.1% to 4.621bn dirhams. Its gearing ratio fell to 36%, from 38% at the end of June 2025.
Much of the new investment went towards low-carbon projects, the Unit 3 overhaul and maintenance work across its other power assets.
TAQA Morocco is also changing the way its business is organised. A restructuring approved by its supervisory board in July created four main areas: natural gas, seawater desalination, renewable energy, and energy and water transmission infrastructure.
The gas business includes plans to acquire the Tahaddart combined-cycle power plant and develop new gas-fired power capacity.
“The project to develop the combined-cycle gas power plant relies on two main pillars. First, it includes the acquisition of the existing Tahaddart power plant, for which the operational structuring is already finalized… The next step involves launching the tender for selecting the contractor in charge of construction.”
The group also plans to expand its desalination business and develop large renewable energy projects.
Its target for 2030 is a project pipeline with 8.6GW of total capacity, including 4.8GW from renewable sources.
The plans also include major water-transfer infrastructure with a capacity of 1.2bn cubic metres a year.
“The water transfer project represents another major structural pillar. It targets an annual capacity of 1.2 billion cubic meters. A preliminary consultation has been launched to collect technical and economic solutions, ahead of formal tenders for national and international partners.”
TAQA Morocco is also working on an 800MW renewable energy project, with an initial 300MW phase receiving administrative approval.
The group has signed a financing framework with the Japan Bank for International Cooperation to support energy, desalination and green infrastructure projects through 2030.
The expansion is designed to move TAQA Morocco beyond its traditional power-generation business and into renewable energy, water and gas infrastructure.
