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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 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the below “summary of the operation” 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 press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups involved:
- Acquirer and founding party No.1: “Nareva Holding”
- Acquirer and founding party No.2: “Taqa Morocco”
- The target: “Energie Electrique de Tahaddart”
- Name of the joint venture: “Tahaddart 2 & 3”
Nature of the operation
- Joint takeover;
- Creation of a joint venture.
Economic sectors concerned
- Production and sale of electricity.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, 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 acquisition by the company “Nareva Holding” and the company “TAQA Morocco” of joint control of the company “Energie Electrique de Tahaddart”, through the acquisition of a minimum of 85% of the share capital and associated voting rights, equally (42.5% each), and the creation, by the two companies, of a joint venture “JV Tahaddart 2 & 3”.
“TAQA Morocco” is a public limited company with a management board and supervisory board 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 currently a key player in electricity production and water management, with projects in operation and development including wind farms, thermal power plants, and industrial units for irrigation and desalination.
“Energie Electrique de Tahaddart” is a public limited company established in 2002, with its registered office at 25 Centre Ibn Batouta, Avenue Youssef Ibn Tachefine, 3rd floor, Office B3.10, Tangier, Morocco. It is responsible for the operation, maintenance, and rehabilitation work of the Tahaddart combined-cycle power plant with an installed capacity of 400 MW.
The “Tahaddart 2 & 3” will be responsible for the development, financing, construction, operation, and maintenance of a new combined-cycle power plant adjacent to the Tahaddart 1 Power Plant, consisting of two units, with a total installed capacity ranging between 1,000 and 1,400 MW.
This operation is part of the strategic objective to develop new flexible and low-carbon electricity production capacities, operating on natural gas.
Done in Rabat on March 5, 2026
