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The deal signed Monday in Rabat between Morocco's phosphate giant OCP and French energy company Engie could generate investments in the North African Kingdom of up to 17 billion euros. The deal is expected to cover investments in desalination, renewable energy, and green hydrogen, a source close to the deal told Reuters on Tuesday.
The deal was one of the many business agreements signed during the visit of French President Emmanuel Macron to Rabat.
The English news agency indicates, quoting a statement by Engie, that its partnership with OCP includes four projects: «Renewable energy production with flexible power storage, green ammonia production, infrastructure to connect the electricity to OCP sites, and a water desalination plant for agricultural use in regions where OCP operates».
The same source told Reuters that the renewable energy project is expected to materialize in 2026. On the other hand, the desalination and green hydrogen projects are forecast in 2028 and 2032 respectively, the source added.
For green hydrogen, e-methanol, and sustainable aviation fuel production, feasibility studies will be carried out, Engie said.
While refraining from communicating figures on the projects, an Engie spokesperson said that «the company targeted a final investment decision (FID) in 2026 on the renewable power and flexible storage projects, with the remaining plans to be started in the short to medium term».
«We will respect rigorous investment criteria to guarantee the profitability of our projects», the Engie spokesperson said.
It is worth noting that OCP plans to invest $13 billion in 2023-2027 to up its game on renewable energy for its industrial processes and desalinated water, as it pushes for full carbon neutrality by 2040.
