DLA Piper advises Marom on the largest Israeli private investment in Morocco
DLA Piper advised Marom, a subsidiary of Gandyr, an Israeli fund investing in renewable energies, in connection to its acquisition of a minority stake in Gaia Energy, one of the largest Moroccan developers of renewable energy projects in Africa. This is the largest Israeli private investment in Morocco since the recent normalisation of diplomatic relations between the two countries.
With Gandyr’s investment through its local Moroccan subsidiary Marom, Gaia Energy plans to invest MAD13 billion in the next two years spread over four very advanced renewable energy projects. More specifically, this will allow Gaia Energy to intensify its activities in several renewable energy sub-sectors in Morocco, namely green energy production projects under Law 13-09, self-production, agrivoltaism, green hydrogen, as well as the export of green electricity.
Christophe Bachelet, Managing Partner of DLA Piper in Morocco adds: “We are proud to have been able to assist Marom within the framework of this strategic partnership, which clearly shows that the rapprochement between the two countries is already bearing fruit. We will certainly see, in the near future, other growth opportunities in the Kingdom thanks to Israeli investments.”
Gaia Energy is present in nine African countries with a pipeline of wind and photovoltaic projects of more than 5 GW of capacity. Marom is a pioneer in the renewable energy space in Israel and is currently expanding its activities to other markets around the world, including Morocco.
Advising Marom: DLA Piper (Casablanca), with Christophe Bachelet, Managing Partner, Camilia Benani, Counsel, Kenza Belrhiti Alaoui, Associate and Léa Attias, Associate.