In 2009, when ACWA Power decided to broaden its operations beyond its home of Saudi Arabia, and evaluated a range of countries, Morocco scored very highly in our ranking simply because of a combination of a set of very critical factors which are essential to support these very large investments which will be in place over many decades.
These factors include respect for foreign investment, a good standard of protection and governance for private sector investment, a growing economy, a thriving social environment, industrious people with a work ethic and an industrialized environment that can enable us to get plants built, operated and maintained at a cost competitive price; to enable us to deliver electricity reliably and at the lowest possible cost.
In addition to all this, we also recognized the visionary policy of Morocco to reduce its dependence on imported fuels and increase its reliance on its own resources.
Having recognized Morocco as an attractive investment destination, we entered the electricity sector in 2010 and the first set of projects that became available for us to participate was the series of CSP technology solar projects at Ouarzazate.
As a company that is focused on reliably delivering electricity and desalinated water at the lowest possible cost, ACWA Power is technology neutral and fuel agnostic committed to responding to our customer’s preference. In Morocco also we are thus committed to responding to the policy of the Kingdom and participate in the full range of power generation technology and fuel preference of the country and thus while we will continue to participate in more renewable projects we will also pursue the opportunities that will arise in due course with other fuels.