March 11 (SeeNews) - Moroccan power company TAQA Morocco, owned by Abu Dhabi National Energy Co (ABD:TAQA), plans to expand its activities in renewable energy generation, Abdelmajid Iraqui Houssaini, chairman of the board of directors, said on Thursday at the presentation of the group's annual results for 2015.
"Our growth ambitions for expansion in Morocco and Africa are no longer limited to coal. We are considering expansion in renewable energy and gas," he noted.
TAQA Morocco, which operates the 2,056 MW Jorf Lasfar coal power station, produces about half of the electricity in Morocco, supplying 30% of the demand. The company's net electricity generation came in at 15,427 GWh last year, up from 13,152 GWh in 2014.
In January, TAQA announced intentions to build a 140 MW wind farm near Tanger. Houssaini noted that the project is currently "at an advanced stage of development" and an important milestone will be achieved by the end of the year.
TAQA Morocco closed 2015 with a consolidated net profit of MAD 966 million (USD 98.8m / EUR 88.9m) on a turnover of MAD 8.9 billion.
(MAD 10 = USD 1.022/ EUR 0.921)