Marom Energy, a subsidiary of Israeli corporation Gandyr, has purchased a 30-percent stake in Gaia Energy, a Moroccan energy company.
Gandyr invests in sustainable enterprises in the industrial, real estate and renewable energy sectors.
Gandyr’s investment, made through its subsidiary Marom, is part of a concerted attempt to accelerate the development of Gaia Energy’s initiatives in multiple green energy areas.
Moundir Zniber, a Moroccan multimillionaire businessman and energy mogul, launched Gaia Energy in 2008 to encourage the development of renewable energies in Morocco and to build a 200-megawatt wind farm.
Since then, it has developed into a major participant in the energy business, constructing large-scale renewable energy projects across Africa and adhering to the highest international technical standards, with a presence in more than 10 countries and a pipeline of 3.4 GW of projects in the works.
Marom Energy’s acquisition of a 30-percent share in Gaia Energy will allow Moroccan and Israeli development activities to continue as the arrangement will envision the Moroccan business investing $1.2 billion in renewable energy.
These efforts are in line with Israel’s goal to increase yearly trade volume with Morocco to $500 million, up from $131 million, as the two nations seek to expand cooperation since normalizing ties in 2020.
Zniber, president of Gaia Energy, said his business, through Gandyr and its partners, will invest MAD13 billion ($1.32 billion) in the next two years in four highly sophisticated renewable energy and storage projects.
“More specifically, Gandyr’s investment, through its subsidiary, in the company Gaia Energy in Morocco will make it possible to intensify the development effort of our projects in various renewable energy sectors, spread across the four corners of the Kingdom, including private projects for the production of green energy under Law 13-09, self-production, green hydrogen, as well as the export of green electricity”, he said.
According to Yaniv Weidenfeld, managing director of Marom, the strategic partnership will cement Gaia Energy’s expansion efforts in Morocco, offer new opportunities for growth and position the company as a leader in the renewable energy and green hydrogen sectors.
