Jet Energy is looking to capitalize on Morocco’s growing investment in renewable energy to strengthen its position in the solar power and electrical infrastructure sectors. The subsidiary of Jet Contractors is preparing to go public on the Casablanca Stock Exchange to finance its expansion into solar energy, electrical infrastructure and energy storage.
The initial public offering (IPO) is expected to feature a subscription price ranging from MAD 125 to MAD 143 per share. Depending on the final price, the transaction could raise between MAD 328 million and MAD 375 million. The proceeds are intended to help the company seize new opportunities arising from Morocco’s major energy programs and infrastructure projects.
Jet Energy already has an order book worth MAD 1.5 billion. This represents 4.4 times its 2025 revenue and provides visibility over its business through 2026 and 2027, as well as part of 2028. Photovoltaic projects account for 57% of the order book, while electrical infrastructure represents 39%. The remainder comes from operations and maintenance activities.
However, the company remains heavily dependent on public-sector clients. At the end of June 2026, public contracts accounted for approximately 90% of revenue, compared with 83% in 2025. Its order book is also concentrated among a limited number of projects, with five contracts representing nearly 78% of the total. These include the Noor Atlas solar power plants in Tata and Tan-Tan, the Stellantis factory, and electrical installation projects subcontracted by Jet Contractors.
Solar power is expected to be one of the company’s main growth drivers. Management estimates the Moroccan photovoltaic market’s potential at around 6.5 GW, representing MAD 36 billion in opportunities by 2030. Jet Energy also intends to benefit from investments in electrical infrastructure associated with major national projects, including preparations for the 2030 FIFA World Cup and the development of hospitals and airports. The company already has experience in these areas, including projects at Marrakech-Menara Airport and the Euromed University Hospital in Fez.
Battery storage is another strategic growth opportunity. More than 6 GWh of storage capacity has been announced in Morocco by public and industrial players for 2030. The National Office of Electricity and Drinking Water (ONEE) plans 2,230 MWh, Masen 2,500 MWh and OCP 2,000 MWh. Jet Energy intends to build on its experience in this segment, particularly through a 125 MWh project completed for OCP Green Energy in Benguerir.
The company is also considering expansion into West Africa, with Senegal, Côte d’Ivoire and Benin among its target markets. Demand for additional renewable energy capacity in these countries is estimated at between 1.5 GW and 2 GW by 2030. However, these opportunities are not included in the business plan presented for the IPO. Their successful implementation would therefore provide additional growth potential.
Financially, Jet Energy expects revenue to rise from MAD 339.6 million in 2025 to MAD 1.16 billion by 2030. Net profit is projected to increase from MAD 71 million to MAD 191 million over the same period, nearly tripling in five years.
The forecasts anticipate strong average annual growth in the initial years, followed by a slower pace between 2027 and 2030. This slowdown reflects the fact that most of the projects underpinning the company’s growth are expected to have already been incorporated into its order book.
According to estimates presented by Red Med Capital, Jet Energy’s price-to-earnings ratio for 2027 would range between 9.9 and 11.3 times, depending on the final IPO price. The investment case will depend in particular on the company’s ability to deliver its existing contracts, sustain its growth momentum and turn opportunities in battery storage and African markets into actual revenue.
