Renewables underpin Fortescue Morocco joint venture

Fortescue Energy said the joint venture (JV) with Moroccan phosphate mining company OCP Group includes the potential development of manufacturing facilities and a research and development hub to advance the rapidly growing renewable energy industry in the north African country.

The partners have laid out proposed plans for four cornerstone projects in Morocco, which include large-scale integrated green ammonia and green fertiliser production capacity, including renewables, energy generation, electrolysis, ammonification and fertiliser production.

Green technology and equipment will be manufactured as part of the agreement, and a research and development and technology hub near Marrakech will support the joint venture and associated stakeholders, with research in renewable energy, green hydrogen and minerals processing.

Lastly, the agreement includes collaboration of corporate venture capital funds to drive investment in key technology advancements.

Fortescue Executive Chair Andrew Forrest said the partnership plans to build a world-leading and globally competitive platform to accompany Morocco’s journey into a green energy production, manufacturing, and industrial powerhouse.

“Together, we will be a key originator and green corridor into Europe to and from the Atlantic basin,” he said. “Morocco will be a major player in the global energy transition given it is home to some of the world’s most prospective wind and solar resources, two large coastlines, and is in close proximity to Europe and the Americas.”

Fortescue Energy Chief Executive Mark Hutchinson said the joint venture partners are fully aligned on their ambitions.

“We intend to create in Morocco one of the world’s leading integrated renewable energy, manufacturing, and technology enterprises, supplying not only a large and growing domestic market for green products, but also with the potential to supply other countries and continents,” he said.