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RNS Number : 0674N  Sound Energy PLC  17 June 2025

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

 

17 June 2025

Sound Energy plc

 

("Sound Energy", the "Company" and together with its subsidiary undertakings
the "Group")

 

Proposed Joint Venture to Evaluate and Develop, 200 MW Photovoltaic ("PV")
Solar Power Projects in Morocco

 

Sound Energy, the transition energy company, is pleased to announce that it
has signed an exclusive term sheet with Gaia Energy Ltd. ("Gaia"), a
specialist in renewable energy, for the development of up to 270 MW of
installed capacity of PV solar power at various locations in Morocco.

 

Taking advantage of the liberalised medium voltage ("MV") grid in Morocco, the
Company and Gaia propose to enter into a Joint Venture and aim to construct
solar power sites at ten or more locations close to MV substations and
therefore customers. Gaia has commenced feasibility studies at a number of
sites. Such studies include measurement and modelling of solar irradiation,
land access studies, grid connection and capacity assessments. The next steps,
upon formalisation of the JV, are to carry out the formal applications for
grid capacity, other regulatory requirements, and negotiation of power
purchase agreements ("PPAs").

 

Further announcements will be made, as appropriate, in due course.

For further information visit www.soundenergyplc.com follow on X
@soundenergyplc, LinkedIn, or contact:

 

 Sound Energy                                                               chairman@soundenergyplc.com (mailto:chairman@soundenergyplc.com)

 Graham Lyon, Executive Chairman

 Flagstaff Strategic and Investor Communications                            Tel: 44 (0)20 129 1474

 Tim Thompson                                                               sound@flagstaffcomms.com

 Mark Edwards

 Alison Allfrey
 Zeus - Nominated Adviser and Broker                                        Tel: 44 (0)20 3829 5000

 James Joyce, Alex Campbell-Harris, Gabriella Zwarts (Investment Banking)

 Simon Johnson (Corporate Broking)

 

Background

It is well documented that Morocco has aggressive aspirations to displace its
fossil fuel consumption with cleaner energy, and to reduce its dependency on
imports. Morocco remains connected to the European grid via Spain and just
earlier this year there was a reported surge in electricity imports. In
numbers 1  (#_ftn1) , over 90% of Morocco's Primary Energy consumption in 2023
was fossil fuels (coal, natural gas, and liquids), and of Morocco's approx.
11.5 GW of installed power generation capacity, 60% of this is fuelled by
fossil fuels. Surprisingly, just 7% of this installed capacity comes from
solar power despite excellent climatic conditions with over 3,100 out of a
possible 4,383 hours of sunlight annually (cf, Spain has less than 3,000 hours
of sunshine, and the UK has less than 1,500).

 

Add to this, Morocco's infrastructure is being rapidly expanded as it looks
forward to hosting two major sporting events, the first later this year, and
then in 2030 it will jointly host the FIFA World Cup at six locations
including two new-build stadiums in Casablanca and Fez.

 

About Gaia

 

Gaia Energy ltd, is a leading renewable energy international developer and
investor with a mission to accelerate the global energy transition in emerging
markets. Present in 15 countries, with an extensive pipeline of 10 GW of
projects at different stages of development

 

 

 

 1  (#_ftnref1) The Energy Institute's 2023 Statistical Review of World
Energy; L'Autorité Nationale de Régulation de l'Electricité (ANRE),
National Electricity National Authority, 2023 Annual Report (published
December 2024)

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