Rabat – The Moroccan Competition Council has granted approval for the creation of a joint venture between OCP Green Energy SA, a subsidiary of Moroccan phosphate giant OCP Group, and Fortescue, an Australian company specializing in green energy production.
The partnership was confirmed at the Council’s latest meeting on July 24, according to their website.
The collaboration, which was announced in April 2024, aims to produce green hydrogen and green ammonia in Morocco. These green energy sources will be utilized for both energy production and the creation of carbon-neutral, customized fertilizers, accessible and affordable for farmers worldwide.
The venture will see the establishment of four major projects in Morocco. These include large-scale integrated production facilities for green ammonia and fertilizers, encompassing renewable energy generation, electrolysis, and ammonification processes.
In addition, a Research & Development and Technology Hub will be created near the Mohammed VI Polytechnic University (UM6P) in Benguerir. This hub will focus on renewable energies, green hydrogen, and mineral processing, and will involve collaboration with corporate venture capital funds to drive technological advancements.
The agreement was signed in April by Mostafa Terrab, Chairman and CEO of the OCP Group, and Andrew Forrest, Executive Chairman and Founder of Fortescue.
“Our strategic partnership with Fortescue is a testimony to our joint commitment to decarbonisation, driving the development of cutting-edge facilities and delivering competitive renewable energy, products and technology,” Terrab said.
Meanwhile, Mark Hutchinson, CEO of Fortescue Energy, said that the partnership ”is a very significant moment for Fortescue, OCP Group and Morocco as we help revolutionize the way we power our planet and diversify the world’s future energy security, while creating thousands of jobs and industries in Morocco.”
The partnership is part of OCP Group’s broader Green Investment Program. This $13 billion initiative aims to increase fertilizer production capacity while achieving carbon neutrality by 2040. It includes significant investments in renewable energy sources, like solar and wind, to power production processes and contribute to environmental sustainability.
