What Nareva does

Nareva Holding is a Moroccan independent power producer and integrated water infrastructure developer, operating since 2004 as a subsidiary of Al Mada, a diversified Moroccan conglomerate. With 3,431 MW of installed electrical capacity across wind, solar, thermal, and emerging hydrogen assets, Nareva is Morocco's largest IPP and Africa's wind energy leader, operating 12 wind farms totaling 1,960 MW and the continent's only ultra-supercritical thermal power plant at Safi (1,386 MW). The company is also active in water management through the Sebt El Guerdane irrigation concession and is constructing the world's first large-scale desalination plant powered exclusively by renewable electricity at Dakhla.

The company's technology portfolio spans wind generation, utility-scale and decentralized solar PV (including the Noor Midelt 2 & 3 solar-battery hybrid at 800 MW PV / 1,200 MWh storage), ultra-supercritical thermal generation, combined cycle gas turbines in development, green hydrogen and derivatives (Power-to-X), waste-to-energy, and HVDC transmission infrastructure. Nareva Services operates 25 decentralized solar PV plants totaling 23 MWc for industrial clients, while ADI provides in-house engineering services across hydraulics and energy.

Nareva generates revenue through three principal mechanisms: long-term PPAs with the national utility ONEE (e.g., 20-year off-take for Tarfaya and Safi supply), delegated management concessions and PPPs with the Ministry of Agriculture (Sebt El Guerdane), and direct sales to industrial consumers under Morocco's Law 13-09 open-market framework, supplemented by turnkey solar PV services. Major operations are conducted through joint ventures with ENGIE, Mitsui, and Enel Green Power (SAFIEC, TAREC, DAWEC, NEGPM), and the company's growing project pipeline covers green hydrogen under the national Offre Maroc Hydrogène Vert program, additional desalination capacity totaling 900 Mm³/year, the 1,400 km HVDC southern transmission corridor, and the Tahaddart 1,800 MW CCGT development.

Name

Nareva

Legal name

Nareva Holding

Website

https://nareva.ma

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Nareva is Morocco's largest independent power producer and a subsidiary of Al Mada, operating 3,431 MW of wind, solar, and ultra-supercritical thermal capacity alongside integrated water and emerging green hydrogen infrastructure for industrial, government, and utility off-takers.

Ownership category

akta.pro rank

Product category

Independent Power Generation and Water Infrastructure

NAICS

Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211), Water Supply and Irrigation Systems (22131)

SIC

Water Supply (4941)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE), Utility-Scale Power Generation Asset Management (EUAEAMAA), Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

Keywords

• Renewable energy generation
• Wind power producer
• Solar PV solutions
• Water desalination infrastructure
• Green hydrogen production

Headquarters

HQ city

Casablanca

HQ country

Morocco

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Electricity generation and sales: Nareva operates as an Independent Power Producer (IPP), selling electricity from wind farms, solar plants, and thermal plants. For open-market assets, electricity is sold directly to industrial consumers. For certain assets like Tarfaya, electricity is sold exclusively to ONEE under 20-year power purchase agreements.
2. Water management services: Sebt El Guerdane irrigation project operates under delegated management concession with the Ministry of Agriculture, distributing 45 million m³ annually for irrigating 10,600 hectares of citrus farmland.
3. Decentralized solar PV solutions: Nareva Services provides turnkey solar PV solutions to industrial clients including feasibility studies, design, financing, installation, and performance guarantees for on-site green electricity production.
4. Green hydrogen and derivatives: Nareva develops green hydrogen, green ammonia, and synthetic fuel projects as part of Morocco's national hydrogen strategy (Offre Maroc Hydrogène), targeting both domestic market and export.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels3 records

Core offering

Nareva is a Moroccan independent power producer (IPP) that develops, owns and operates utility-scale electricity generation assets — wind farms (1,960 MW across 12 sites), ultra-supercritical thermal (1,386 MW Safi), solar PV (decentralized and utility-scale) and combined-cycle gas turbines — and sells the power to industrial consumers under Morocco's Law 13-09 and to the national utility ONEE under long-term PPAs. It also operates water infrastructure, including the Sebt El Guerdane irrigation network and a pipeline of desalination plants, and is developing green hydrogen and derivative fuel projects under the national hydrogen strategy.

Product overview

Nareva is a Moroccan energy company and subsidiary of Al Mada, operating as a diversified energy and water infrastructure provider since 2004. The company operates across five main business lines: wind energy (12 farms, 1,960 MW), solar PV (25 decentralized plants + utility-scale projects), thermal electricity (ultra-supercritical Safi plant, CCGT), water cycle (desalination, water transfer), and green hydrogen. Key subsidiaries include EEM (wind operations), SAFIEC (thermal), NEGPM (Enel Green Power joint venture), TAREC, Nareva Services (decentralized solar), Amensouss (water management), DAWEC (desalination), and ADI (engineering). With 3,431 MW installed capacity and 16+ TWh annual production, Nareva is Morocco's leading independent electricity producer and Africa's wind energy leader.

Differentiator

Problem solved

Functional benefit

Products and services

• Wind Energy Generation Utility-scale wind power generation — operating 12 wind farms across Morocco with 1,960 MW of installed capacity, including the 550 MW Aftissat complex (Africa's second largest). Electricity is sold to industrial consumers under Morocco's Law 13-09 and to ONEE under long-term PPAs.
• Decentralized Solar PV Solutions Turnkey on-site solar PV generation for industrial and commercial clients in Morocco. Includes feasibility studies, design, financing, installation, operation, and performance guarantees for medium-voltage installations.
• Safi Ultra-Supercritical Thermal Power Plant 1,386 MW ultra-supercritical coal-fired power plant covering approximately 20% of Morocco's national electricity demand. Operated through the SAFIEC joint venture (Nareva, Mitsui, ENGIE).
• Combined Cycle Gas Turbine (Tahaddart) 1,800 MW combined cycle gas turbine (CCGT) generation under development at the Tahaddart site, intended to provide grid flexibility and complement renewable energy integration.
• Casablanca Waste-to-Power Project Integrated waste-to-power and resource-recovery facility for the Casablanca commune, treating 1.4 million tonnes of waste per year with a 115 MW energy recovery unit, 50 MW solar PV array, and a 4 MW biogas facility.
• Noor Midelt Utility-Scale Solar with Battery Storage Utility-scale solar PV projects Noor Midelt 2 and 3 combining 800 MW photovoltaic capacity with 1,200 MWh of battery storage, delivering flexible generation with around 18% of output during peak hours.
• Water Transfer and Irrigation Services (Sebt El Guerdane) Operated under a delegated management concession with Morocco's Ministry of Agriculture through the Amensouss subsidiary; a 384 km water transfer system from the Alouz dam distributes 45 million m³ per year for irrigating 10,600 hectares of citrus farmland.
• Seawater Desalination Portfolio Portfolio of large-scale seawater desalination plants totaling 900 million m³/year at sites including Nador, Tanger, Guelmim, Tan-Tan, Souss-Massa, and Dakhla (37 Mm³/year). The Dakhla facility is the world's first desalination plant powered exclusively by renewable electricity.
• Green Hydrogen and Derivatives Production of green hydrogen and derivatives — including green ammonia, e-methanol for maritime, eSAF for aviation and synthetic fuels — using alkaline and PEM electrolyzers, developed under Morocco's national Offre Maroc Hydrogène strategy for domestic and export markets.
• HVDC Electricity Transmission High-voltage direct current (HVDC) transmission infrastructure — a 1,400 km line with 3,000 MW capacity under development between southern and central Morocco to evacuate renewable energy from the wind- and solar-rich southern provinces to demand centers.
• Strategic "Water Highway" Interconnection Strategic hydraulic interconnection project (autoroute de l'eau) transferring up to 800 million m³/year between the Sebou, Bouregreg, and Oum Rabia river basins to balance regional water supply.
• Engineering and Project Development Services (ADI) Engineering and project development services for the hydraulics and energy sectors, delivered by ADI (Aménagement Développement Ingénierie) — a 40-engineer team with ISO 9001 (v2015) certification and over 1,000 projects completed in Morocco and internationally across Africa.

Quantifiable outcome

• Covers ~20% of Morocco's national electricity demand
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• MitsuicoreStrategic or Co-development PartnerMitsui is a joint venture partner in SAFIEC (Safi Energy Company), the joint venture that operates the Safi thermal power plant (1,386 MW). SAFIEC also includes Nareva and Engie. The Safi plant required investment of 23.1 billion MAD and is the only ultra-supercritical thermal plant in Africa.
• ENGIEcoreStrategic or Co-development PartnerENGIE is partnered with Nareva in multiple joint ventures: SAFIEC (Safi thermal, 1,386 MW), TAREC (Tarfaya wind, 300 MW), and DAWEC (Dakhla desalination and wind). Total combined investment across these partnerships exceeds billions of dollars. TAREC is a 50-50 joint venture with 600 million USD investment.
• Enel Green PowercoreStrategic or Co-development PartnerEnel Green Power Morocco (NEGPM) is a holding created jointly by Nareva and Enel Green Power, managing 850 MW of wind capacity including Boujdour (300 MW), Essaouira (270 MW), and Midelt (180 MW). Total investment of 975 million USD across the three wind farms.

Scale indicators14 records

Recent moves6 records

Direct peers

• ACWA Power: Saudi-listed IPP with comparable multi-technology generation (CSP, PV, wind, thermal, desalination, green hydrogen) and similar reliance on long-term PPAs and sovereign off-takers. Closest publicly traded analog to Nareva's IPP model in MENA.
• Masdar: UAE-based renewable energy developer pursuing utility-scale wind, solar, and green hydrogen projects across MENA and Africa. Competes directly with Nareva in the regional renewables race and shares a similar sovereign-backed development model.
• Scatec ASA: Norwegian renewable IPP with significant African footprint in solar, wind, and storage under long-term PPAs. Comparable model of utility-scale development in emerging markets, especially in sub-Saharan Africa.
• Globeleq: UK-based IPP focused on thermal and renewable generation across Africa, often in partnership with developers and DFIs. Shares Nareva's strategy of building large-scale generation portfolios targeting African power demand.
• Lekela Power: Africa-focused wind IPP with operational and pipeline assets in Egypt, Senegal, South Africa, and Ghana. Direct competitor in African wind development with similar utility-scale, offtake-driven structure.

Broad incumbents

• Enel Green Power: Global renewable energy arm of Enel Group and JV partner in NEGPM (850 MW wind in Morocco). Competes with Nareva across multiple geographies while simultaneously partnering on Moroccan wind assets.
• ENGIE: Global utility and renewable developer; JV partner in SAFIEC (Safi thermal), TAREC (Tarfaya), and DAWEC (Dakhla desalination). Comparable multi-technology IPP footprint in MENA and Africa.

Emerging players

• Mainstream Renewable Power: Ireland-based renewable developer with strong wind and solar pipeline in South Africa, Chile, and Vietnam. Comparable emerging-market utility-scale developer competing in similar geographies.

Regional players

• Cairo Electricity Holding Company (EEHC): Egyptian state-owned utility holding thermal, hydro, and renewable generation assets. Comparable regional diversified power producer serving industrial and national utility demand in North Africa.

Others

• Cummins Cogeneration Kenya: Independent thermal and renewable IPP serving East African industrial demand. Useful as a regional reference for IPP business models across the African continent, though smaller in scale than Nareva.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nareva-holding

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nareva