Statement from the Competition Council regarding the economic concentration project concerning the creation by the companies “Nareva Holding” and “Taqa Morocco” of several joint ventures (the Renewable Energy JV(s)), the “Desalination JVs” and the Water Transport JV(s)

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this statement does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• Founding party No. 1: “Nareva Holding”
• Founding party No. 2: “Taqa Morocco”
• Name of the joint ventures: “the Renewable Energy JV(s)” dedicated to renewable energy production for desalination, the “Desalination JVs” dedicated to desalination plants, and the Water Transport JV(s) dedicated to water transport.

Nature of the operation:

• Creation of joint ventures.

Economic sectors concerned:

• Production of renewable energies.
• Desalination of seawater.
• Water transport.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this statement, i.e. March 16, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration project concerning the creation by the company “Nareva Holding” and the company “Taqa Morocco”, with a minimum ownership of 85% held equally (42.5% each), of several joint ventures (the Renewable Energy JV(s)), the “Desalination JVs” and the Water Transport JV(s).

“Taqa Morocco” is a public limited company listed on the Casablanca Stock Exchange since December 2013, with a share capital of 2,358,854,200 dirhams and its registered office at Commune Moulay Abdellah, Route régionale 301, PK 23, Centrale Thermique de Jorf Lasfar, El Jadida. It is currently the leading private electricity producer in Morocco with, in 2024, six production units with a total capacity of 2,056 MW.

“Nareva Holding” is a public limited company, established in 2004, with a share capital of 2,037,300,000 dirhams, and its registered office at Casablanca, Twin Center Tour A, 28th floor, boulevard Massira Al Khadra, Morocco, registered with the Casablanca Trade Register under number 131651. It is a key player in electricity production and water management, with projects in operation and development including wind farms, thermal power plants, and industrial irrigation and desalination units.

The Renewable Energy JV(s) will be responsible for the development, design, financing, construction, operation, and maintenance of renewable energy projects, with the electricity produced intended for the Desalination JVs.

The “Desalination JVs” will be responsible for the development, design, financing, construction, operation, and maintenance of a desalination plant in the Oriental, Souss-Massa, Tanger, Tan-Tan, and Guelmim regions.

The Water Transport JV(s) will be responsible for the development, design, financing, construction, operation, and maintenance of a water transfer infrastructure project including the additional section between the Garde Sebou dam and the Sidi Mohammed Ben Abdellah dam and the link between the Sidi Mohammed Ben Abdellah dam and the Al Massira dam.

This operation is part of the strategic objective to address water stress by implementing and operating strategic infrastructure in the water sector.

 

Done in Rabat on March 5, 2026