Public-private partnerships (PPPs) are a relatively recent phenomenon in the irrigation sector; the El Guerdane project in Morocco is the first of its kind worldwide. Implemented in 2008, it now provides water to 10,000 ha of highly lucrative citrus fruit plantations. International development banks present this project as a success story, but results in terms of local development have been at best mixed. While some farmers have benefited from the initiative, others have experienced increased marginalization from water, fertile land, and development. Based on extensive field research in the El Guerdane area between 2005 and 2013, the present paper identifies three key critical issues posed by this PPP: partly negative effects on livelihoods and socioeconomic development; an unequal sharing of costs, benefits and risks between public and private partners; and uncertain environmental impact. Based on this analysis, the authors reflect on the significance of the project for the evolution of economic and political power relations in Morocco. This paper is only available in French.