UK-based transition energy company Sound Energy plc has secured approximately $2.2 million in financing to support its operations and expand gas and renewable energy projects in Morocco, the company said in a statement on Friday.
The funding package includes a €1.3 million ($1.5 million) term loan facility from an international investment bank and a £0.5 million ($0.6 million) equity placing, involving the issuance of 10 million new shares. The company said the funds will be used for working capital and to launch a solar power joint venture in Morocco.
Sound Energy also reported progress on its Tendrara Phase 1 micro-LNG project in eastern Morocco. The company expects commercial gas sales to begin in early Q3 2026, following earlier delays linked to equipment delivery.
In parallel, the company has formalized a joint venture, Tayra Energy, with Moroccan firm Gaia Energy to develop solar projects in the country. The partnership will build up to 270 megawatts (MW) of solar capacity, with a shortlist of 12 potential sites identified. Land access has already been secured for 5 sites, while negotiations are underway for the remaining locations.
The term loan carries an interest rate of 20% per 120 days, with repayment due by December 31, 2026. The agreement also includes an option for the lender to convert the debt into shares in case of default.
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