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Fortescue and OCP form a JV in Morocco: Morocco’s fertilizer giant OCP Group and Australian green energy firm Fortescue have formed a JV to develop green hydrogen and ammonia projects in Morocco, according to a statement (pdf) released last week. The partners will collaborate to supply fertilizers, hydrogen, and ammonia domestically in the kingdom and export to European and global markets. There are also plans for manufacturing facilities and a research and development (R&D) hub in Morocco.
What we know: The two companies intend to develop large-scale manufacturing facilities for green ammonia and fertilizer production complete with renewable energy generation, electrolysis and ammonification. The partnership will also include the manufacturing of green technology and equipment.
There’s more: The companies will establish an R&D hub near Marrakech for renewable energy, green hydrogen and minerals processing research.
REMEMBER- OCP Group recently received major funding for its green investment program: The fertilizer company received a total of USD 188 mn in loans for desalination and renewable energy storage projects from the African Development Bank (AfDB), the Clean Technology Fund (CTF), and the Canada-African Development Bank Climate Fund (CACF) back in February.
Not Fortescue’s first venture in the region: Fortescue signed an MoU with Egypt’s sovereign wealth fund in 2022 to begin conducting feasibility studies on its planned USD 10 bn 9.2 GW green hydrogen project. Oman’s Sohar International bank also inked an MoU with Fortescue in 2022 for green energy projects in Oman.
