Business News | NTPC Signs MoU with Moroccan Agency for Cooperation in Renewable Energy Sector
Get latest articles and stories on Business at LatestLY. NTPC has signed a memorandum of understanding (MoU) with Moroccan Agency for Sustainable Energy for cooperation in the renewable energy sector, the Ministry of Power said on Wednesday.
New Delhi [India], July 20 (ANI): NTPC has signed a memorandum of understanding (MoU) with Moroccan Agency for Sustainable Energy for cooperation in the renewable energy sector, the Ministry of Power said on Wednesday.
The agreement was signed during the 17th CII EXIM conclave on India-Africa growth partnership held in New Delhi from 9th-20th July 2022.
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The conclave witnessed huge participation from several African countries and deliberations were held to promote investment and collaboration between Indian and African companies in various sectors in Africa.
The MoU between NTPC Ltd and Moroccan Agency for Sustainable Energy (Masen) promises to usher in the joint development of utility-scale projects based on renewable energy in Africa.
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Through this cooperation, it is intended to support services for capacity building, share experience, know-how, and expertise in the areas of mutual interest, especially in the field of Research and Development. The cooperation may witness NTPC and Masen exploring common development opportunities for renewable energy power projects in other African Countries, the Ministry of Power said.
Created in 2010, Masen is the group in charge of piloting renewable energy in Morocco. At the end of 2021, 4109 MW are in operation in wind, hydro and solar. The Masen Group places at the heart of its strategy the development of renewable resources, to create an inexhaustible force of economic, social, and environmental development for Morocco and beyond.
The CII-Exim Bank Conclave on India-Africa Project Partnership was launched in the year 2005 with the support of the Ministry of External Affairs and the Ministry of Commerce & Industry, Government of India. Over the last sixteen editions, the Conclave has played a pivotal role in encouraging Indian companies to establish and grow their footprints in Africa. (ANI)
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