Israel’s Merom Energy will invest in Moroccan renewable energy company
Israel’s Merom Energy will acquire 30% of a green energy company in Morocco, investing between NIS 70-80 million in Gaia Energy.
The deal is considered particularly striking as Merom is also a small company by Israeli standards. Controlled by the Gandir Fund of Yehudit Recanati, Merom Energy also received an option to increase its holdings in Gaia to 50.1%.
Israel’s Minister of Economy and Industry Orna Barbivai and Morocco’s Minister of Industry and Trade Ryad Mezzour recently signed a new trade and economic agreement between the two countries, hoping to increase annual bilateral trade, currently at USD 131 million, to USD 500 million within five years.
Marom Energy was represented by DLA in the largest Israeli private investment in Morocco since the recent normalisation of diplomatic relations between the two countries.
