Spanish Energy Firm Factorenergia Eyes Expansion into Morocco’s Renewable Market

The company, which has just opened a subsidiary in Bulgaria, is also studying the possibility of setting up in Morocco and Chile, countries "in the process of liberalizing the energy market and which can be very interesting," said Emilio Rousaud, CEO of Factorenergia, in an interview with EFE.

If the negotiations are successful, Factorenergia will replicate the model implemented in Bulgaria in the two countries. It will retain 51% of the shares of the subsidiary and leave the remaining capital in the hands of local partners who have in-depth knowledge of the country. Currently present in Spain, Portugal and Mexico, Factorenergia does not plan to make "major investments" in this internationalization process.

The bulk of the investments will be dedicated to renewable energy production in Spain, since Factorenergia does not yet have its own facilities to produce energy. The company plans to produce "600 MW by 2025 in Spain, about 450 in photovoltaics and the other 150 in wind," explains Rousaud.

Despite the health crisis, Factorenergia has "strengthened" without having to make staff adjustments, he rejoices, recalling that the objective is to reach 1 billion euros in turnover by 2025.