Spanish Firms Back Acciona in Building Casablanca’s Landmark Desalination Plant
Spain's CaixaBank and Cofides have committed to financing Acciona's ambitious endeavor to construct a new desalination plant in Morocco. Each organization will extend a loan of €31 million, supporting a project valued at a total of €650 million. This significant investment will be managed by Acciona, a Spanish multinational renowned for its expertise in infrastructure development and management.
This landmark desalination plant, developed in collaboration with Morocco’s National Office of Electricity and Drinking Water, will operate under a 30-year concession. Once completed, the plant is expected to serve five cities, boasting an impressive capacity of 330 million cubic meters of water per year.
While the source did not confirm whether this plant is the same as the one recently inaugurated by Crown Prince Moulay El Hassan in El Jadida, near Casablanca, it did highlight that this project is set to be the largest of its kind in Africa. This aligns with the specifications of the Crown Prince’s project, which aims to produce 300 million cubic meters annually and serve approximately 7.5 million people.
The initiative reflects Morocco’s strategic approach to addressing its water crisis, exacerbated by significant rainfall deficits and intense pressure on conventional water resources. The new plant is a critical step in ensuring sustainable water supply and supporting the region’s development and economic growth.
Cristina Garcia, CaixaBank’s director of finance for infrastructure projects, emphasized the bank’s longstanding presence in Morocco since 2009. With offices in Casablanca, Tangier, and Agadir, CaixaBank offers a range of services including foreign trade, business banking, and corporate banking to Spanish companies either established in or looking to enter the Moroccan market. Garcia noted that around 60% of the 800 Spanish companies operating in Morocco are clients of CaixaBank’s Moroccan branch, underlining its pivotal role as a financial partner.
Miguel Angel Ladero, the corporate director of Cofides’ Investments Department, described the project as an “emblematic” investment for the sector. Cofides, a state-owned enterprise specializing in the management of state funds, views the desalination plant as a critical infrastructure project. Ladero underscored the importance of access to water for health, food security, and broader economic development.
Acciona's commitment to this project aims to address water scarcity and mitigate the impacts of climate change. By leveraging its expertise, Acciona seeks to contribute significantly to sustainable development in the region.