Israel’s Marom Energy acquires 30% of Morocco’s Gaia Energy

RABAT - Israel’s ambassador to Morocco David Govrin announced on Tuesday that the Israeli company Marom Energy acquired almost a third of the Moroccan company Gaia Energy’s shares.

“Development initiatives continue between Morocco and Israel, where a huge deal was signed, through which 30% of the shares of the Moroccan company Gaia Energy will be acquired by the Israeli company Marom Energy, which is a precedent in the field. This deal will enable the Moroccan company to invest $1.2 billion in renewable energy,” said Govrin.

The Israeli group Gandyr’s investment, through its subsidiary Marom, will help boost the development of Gaia Energy’s projects in various green energy sectors.
The Moroccan company has several energy projects in Africa.

Moundir Zniber, Gaia Energy president, told the media that “the 13 billion dirhams of investments planned include the part financed by our partners, as well as banks which will finance 75% of our projects.”

Morocco is one of the leading countries in the world in producing renewable energy. Since 2006, The North African kingdom has accelerated the renewable deployment and aims to and 52% of the energy mix by 2030 (20% using solar energy, 20% wind and 12% hydro).

Morocco and Israel formally normalised ties in December 2020.

Last month, Morocco and Israel signed a trade and economic cooperation agreement to facilitate investments.

“Israel is targeting annual trade volume of $500 million with Morocco, up from $131 million currently as the two countries look to broaden cooperation since they normalised relations in 2020,” said Israeli Economy Minister Orna Barbivai.