TAQA Morocco Increases Its Investments to 515 Million Dirhams Despite Decline in Activity
TAQA Morocco begins the second half of 2026 in a mixed financial context. The group has seen its operational activities impacted by scheduled maintenance operations and fluctuations in the exchange rate between the dollar and the dirham. However, its investments have seen substantial growth, and its level of debt has improved.
In the second quarter of 2026, the overall availability rate of production units stood at 86.6%, compared to 93.4% during the same period in 2025. This decline is primarily attributed to the periodic maintenance program.
The group specifies that Unit 3 underwent a limited maintenance operation lasting 25 days, alongside scheduled inspections on Unit 2. These interventions are part of the maintenance program designed to ensure the continuity and efficiency of production facilities.
Throughout the first half of the year, the availability rate for Units 1 to 6 was reported at 86.6%, down from 91.7% at the end of June 2025, mainly due to maintenance and inspection work conducted during the period.
Decreased Revenue
These operational constraints, coupled with the adverse effects of fluctuations in the dollar against the dirham, have weighed on the group’s commercial activity.
The consolidated revenue for the second quarter of 2026 thus amounted to approximately 2.126 billion dirhams, down from 2.437 billion dirhams during the same period the previous year.
For the first six months of the year, consolidated revenue reached around 5.088 billion dirhams, compared to 5.379 billion dirhams in the first half of 2025.
This decline occurs within a context marked by maintenance operations and the effects of currency markets, without jeopardizing the continuation of the group’s investment program.
Investments Surge to 515 Million Dirhams
In contrast, TAQA Morocco’s capital expenditures witnessed significant growth in the first half of 2026, reaching 515 million dirhams, compared to 210 million dirhams the previous year.
A substantial portion of these investments was allocated to low-carbon development projects, as well as maintenance operations for Unit 3 and operational maintenance projects for other units.
In the second quarter alone, investments neared 466 million dirhams, compared to 170 million dirhams in the second quarter of 2025, confirming the acceleration of spending related to the group’s projects and strategic assets.
Net Debt Decreases by 10.1%
Alongside the acceleration of investments, TAQA Morocco has continued to improve its financial position.
The consolidated net debt was approximately 4.621 billion dirhams at the end of June 2026, a decrease of 10.1% compared to the level recorded at the end of June 2025.
This improvement is largely due to the cash flows generated during this period and the repayment of a portion of financial commitments. The group has managed to reduce its debt while maintaining its investment efforts.
Diversifying into Energy and Water
TAQA Morocco’s strategy now extends beyond electricity production. The group aims to strengthen its presence in several sectors related to energy transition and water security.
Its development axes include seawater desalination, renewable energies, natural gas, water transport, and low-carbon solutions.
This diversification is part of the strategic partnership established on May 19, 2025, aimed at building a more diversified economic model better suited to the transformations in the energy sector.
It also addresses national priorities regarding energy supply security, the development of clean energies, the strengthening of water security, and the reduction of carbon footprints.
Towards a Holding Model
As part of this transformation, the Supervisory Board approved a new organizational structure on July 17, 2026, based on a distribution of activities among specialized subsidiaries.
This reorganization is expected to gradually guide TAQA Morocco towards a holding model, managing a portfolio that encompasses several complementary activities in the energy and water sectors.
This new structure is intended to provide the group with greater flexibility in managing its investments and future projects while continuing its expansion in sectors related to energy transition and water security, despite the slowdown observed in its operational activities in the first half of 2026.
