OCP-Fortescue: a joint venture to develop green energy in Morocco

OCP Group, a global leader in plant nutrition and phosphate fertilizers, and Fortescue Energy, part of global green energy, metals and technology leader Fortescue Ltd (Fortescue), have announced a Joint Venture ( JV) for the development of green energy, green hydrogen and green ammonia in Morocco.

This equal partnership aims to supply green hydrogen, green ammonia and green fertilizers to Morocco, Europe and international markets, indicate the OCP Group and Fortescue in a joint press release, noting that it also includes the potential development of manufacturing facilities and an R&D Hub to advance Morocco’s rapidly growing renewable energy industry.

Fortescue and the OCP Group, leaders in their respective iron ore and phosphate fields, are united in their goal of achieving their emissions reduction targets. They share a common vision on the crucial role of green hydrogen and green ammonia in creating a sustainable future globally.

Thus, this agreement underlines the shared vision of the OCP Group and Fortescue to contribute to making Morocco a green energy production, manufacturing and industrial powerhouse, with significant long-term benefits for Morocco.

These projects also include an R&D and Technology Hub, located near the Mohammed VI Polytechnic University (UM6P) near Marrakech, to strengthen the JV, the ecosystem and other stakeholders, with research in renewable energies, green hydrogen and mineral processing, as well as collaborating corporate venture capital funds to drive investment in key technological advancements.

The partners’ goal is to provide green hydrogen and green ammonia for use both as a source of green energy and in the manufacture of carbon-neutral and customized fertilizers that are accessible and affordable for farmers around the world.

“Our strategic partnership with Fortescue demonstrates our shared commitment to decarbonization, driving the development of cutting-edge facilities and providing renewable energy, products and technologies at competitive prices,” said the Chairman and CEO of Fortescue. OCP Group, Mostafa Terrab, cited by the press release.

“This is a key step towards realizing our vision, which is to simultaneously ensure global food security and combat climate change,” underlined Mr. Terrab.

For his part, the Executive Chairman and Founder of Fortescue, Andrew Forrest AO, affirmed that “Fortescue and OCP will build a world-leading and internationally competitive platform to contribute to Morocco’s ambition to become a power of production, manufacturing and industrial green energy. Together we will be a key player and a green corridor for Europe, to and from the Atlantic basin.”

“Morocco is set to become a major player in the global energy transition given that it is home to some of the most promising wind and solar resources in the world, has two large maritime facades, and is located proximity to Europe and the Americas,” he added, expressing Fortescue’s pride in its association with OCP “with whom we share an ambitious commitment to investing in renewable energy, products and technologies to reduce global emissions.

In this sense, the CEO of Fortescue Energy, Mark Hutchinson, assured that “OCP and Fortescue are perfectly aligned on their ambitions. We intend to create one of the world’s leading integrated renewable energy, manufacturing and technology companies in Morocco, not only providing a large and growing domestic market for green products, but also having the potential to provide to other countries and continents.”

He added: “This is a landmark moment for Fortescue, the OCP Group and Morocco as we help revolutionize the way we power our planet and diversify future global energy security, while creating thousands of jobs and industries in Morocco.

These proposed projects will also benefit from the expertise of INNOVX, a multi-sector business platform dedicated to developing innovative and sustainable businesses, and contributing to the creation of emerging ecosystems with strong local impact.

The creation of this JV remains subject to the usual conditions precedent, including regulatory approvals, the press release specifies.

LNT with Map