The energy distributor, Factorenergia, plans to open a subsidiary in Morocco. Negotiations with the Moroccan authorities to materialize this ambition are underway.
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”, indicated Emilio Rousaud, CEO of Factorenergia, in an interview with EFE.
If the negotiations are successful, Factorenergia will replicate the model implemented in Bulgaria in both countries. He will retain 51% of the subsidiary’s shares and will leave the rest of the capital in the hands of local partners who master the country in depth. Currently present in Spain, Portugal and Mexico, Factorenergia does not plan to make “big investments” in this internationalization process.
Most of the investments will be for the production of renewable energy in Spain, given that Factorenergia does not yet have its own facilities to produce energy. The company plans to produce “600 MW by 2025 in Spain, around 450 in photovoltaics and the other 150 in wind”, explained Rousaud.
Despite the health crisis, Factorenergia has “strengthened” without having to make staff adjustments, he welcomes, recalling that the objective is to reach 1 billion euros in turnover in 2025.