Business interests in Morocco are set to flourish with the coming on board of companies to support the energy sector. Quantum Fuel Systems Technologies Worldwide and German Solar Partner Asola have signed agreement to establish a joint venture, to ensure availability of solar photovoltaic modules.

The move is in support of the growing demand for renewable energy in North Africa, especially that many countries in the region are facing the challenge of developing alternative energy sources and prioritizing their utilization because of oil prices.

Asola and the Moroccan partner Majdaline Holding will implement a solar module manufacturing facility in Casablanca, with initial capacity of 30 MW solar modules, and a potential to generate revenues in excess of $100 million annually.

Morocco has received more than $140 million in loans and grants from the World Bank for the development of renewable energy as well as a $223.5 million loan from the African Development Bank for the construction of thermal solar power plant.

This North African country is one of the sunniest countries on the planet, making it a leading candidate for solar power development. And the strong wind coming off the Atlantic Ocean makes the country also, an ideal location for the construction of wind farms.

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