Moroccan construction tycoon Mohamed Adil Rtabi takes renewable-energy subsidiary towards $38 million IPO with $152 million order book

A renewable-energy company backed by Moroccan businessman Mohamed Adil Rtabi is preparing to raise as much as $38.2 million through an initial public offering on the Casablanca Stock Exchange.

• Morocco’s market regulator has approved Jet Energy’s planned Casablanca Stock Exchange listing.
• The company could raise between $33.4 million and $38.2 million through new shares.
• Jet Energy will use the capital for solar construction, battery storage and international expansion.
• Its $152 million order book is equivalent to about 4.4 times its 2025 revenue.

Jet Energy, the renewable-energy and electrical-infrastructure subsidiary of listed construction group Jet Contractors, will offer 2.625 million newly issued shares at between $12.70 and $14.50 (125–143 Moroccan dirhams) each.

The capital increase would raise between $33.4 million and $38.2 million (328.1 million–375.4 million dirhams), depending on the final offer price.

Subscriptions will open on 2 November and close on 5 November. The final price is expected to be announced on 11 November, ahead of the planned first day of trading on 16 November under the ticker NRJ.

The Moroccan Capital Market Authority approved the prospectus on 21 October. The listing remains subject to completion of the offer and the usual market procedures.

The Casablanca Stock Exchange notice⁠ shows that all the shares being offered are newly issued, meaning the proceeds will go into Jet Energy rather than to existing shareholders.

Jet Energy turns to investors for expansion

The new shares will represent 20% of Jet Energy’s capital after the offering, opening the company to public investors while its existing shareholders retain control.

Rtabi founded Jet Contractors in 1992 and remains chairman of the Casablanca-listed construction group. The parent company has expanded from building façades and metal structures into infrastructure, engineering and renewable energy.

Jet Energy operates across three principal areas: engineering and construction of solar and battery-storage systems, electrical infrastructure, and the operation and maintenance of completed installations.

The company had an order book of about $152 million (1.492 billion dirhams) at the end of June 2026. Management said this was approximately 4.4 times the revenue recorded in 2025 and represented about two-and-a-half years of secured turnover.

Of the outstanding orders, approximately $92.5 million (908.1 million dirhams) came from solar engineering and construction contracts, while roughly $59.5 million (584.3 million dirhams) related to electrical infrastructure.

The company has delivered more than 100 projects and installed over 330 megawatts of solar capacity across Morocco, Senegal, Ivory Coast and Mali.

Its recent contracts include a 202-megawatt solar programme for Morocco’s state-controlled phosphate producer OCP. The programme covers projects at Benguerir and Khouribga, including a battery system with 25 megawatts of power and 125 megawatt-hours of storage.

Battery storage and West Africa form next growth phase

Jet Energy plans to use its IPO proceeds to finance the expansion of its solar engineering business, strengthen industrial capacity, pursue battery-storage opportunities and support international growth.

Management has identified West Africa as a major target, estimating that between 1.5 and two gigawatts of solar projects could become available in its target markets by 2030.

The company also plans to offer electrical-infrastructure services to clients outside the Jet Contractors group from 2028, reducing its reliance on work generated through its parent.

Jet Energy forecasts that annual revenue could reach approximately $119 million (1.165 billion dirhams) by 2030, while net profit could climb to about $19.5 million (191 million dirhams). These remain company projections and are not guaranteed returns for investors.

The IPO gives investors direct exposure to Morocco’s growing renewable-energy market while providing Jet Energy with capital to compete for larger solar and storage contracts across Africa.