As many as 400 stakeholders from the global energy sector are set to convene in Morocco for the latest edition of an industry event dubbed EnergyWeek.
The high profile affair will take place from the 14th to the 15th of November, 2018 in the city of Marrakech, a major economic center for Morocco. The event is a platform for decision-makers in the energy sector to discuss the progress of regional power projects in North and West Africa
Two separate investment meetings will be hosted within the week, including the 3rd annual Africa Renewable Energy Forum and the 2nd annual ‘Gas Options: North & West Africa’, which will explore opportunities for gas and renewable energy project development.
The event is endorsed by the Ministries of Energy of Morocco, Burkina Faso, Ghana, Gabon, Liberia, Mali, Mauritania and Sierra Leone with the support of leading Moroccan organisations such as ONEE, ONHYM, MASEN and AMEE, as well as leading private sector companies that include BP, Cheniere, Fieldstone, Skypower, ENGIE, Wartsila, Acwa Power, Ibvogt and Larsen & Toubro.
The event comes at a time when there has been a rise in the adoption of renewable energy across Africa.
Recent estimates from the International Renewable Energy Agency (IRENA) indicate that $32 billion is required each year from 2015 to 2030 to fully exploit Africa’s renewable energy potential.
With many North and West African countries harbouring significant untapped natural resources, a vast potential exists for the continued development of an investment in renewable power projects.
Ambitious goals have been set by governments to increase renewable energy generation, such as Morocco’s targets of achieving 52% clean energy from sources such as solar and wind by 2030, or Nigeria’s vision of renewables accounting for 10% total energy consumption by 2025.
Milestone projects are now driving this momentum forward, such as Morocco’s 580 megawatt (MW) Noor Ouarzazate IV power station, scheduled to be fully commissioned by October 2018, or Senegal’s 29 MW Senergy 1 solar PV plant – currently the largest solar farm in West Africa.
With gas widely considered the most affordable and clean base-load energy source, new discoveries in the gas sector are stimulating sector growth and infrastructure development, paving the way for the emergence of new players such as Senegal and Mauritania.
So says EnergyNet Ltd, an international group that organises a global portfolio of investment meetings focused specifically on the power and electricity sectors across Africa and Latin America.
EnergyNet believes that in Africa, the development of regional energy projects is set to benefit both gas producing and non-producing countries by supporting industrial and economic development.