TotalEnergies Renewables Maroc AssetCo (TERMA), the Moroccan subsidiary of TotalEnergies, has secured a substantial financial boost of nearly one billion euros (approximately 10.7 billion MAD) to support its ambitious project to produce green hydrogen and ammonia in Morocco, according to Apa News.
The initiative, boasting a total capacity of 10 gigawatts (GW), will span an impressive 170,000 hectares in Morocco’s southern provinces. By harnessing both wind and solar power, the project will significantly advance Morocco’s green energy ambitions and contribute to the global shift towards sustainable energy sources.
The capital injection will see TERMA’s financial backing increase from 9 million MAD to over 10.7 billion MAD over three years, coinciding with the phased development of the project.
The release of the first tranche of this financing aligns with the Moroccan government’s efforts to streamline the acquisition of land necessary for the project, the news outlet said.
The company chose the Guelmim-Oued Noun region, known for its favorable climatic conditions, for maximizing the efficiency of solar and wind energy production.
This investment will reinforce Morocco’s position as a key player in Africa’s renewable energy sector.
Already recognized for its pioneering work in sustainable development, Morocco is poised to further enhance its reputation as a leader in clean energy.
With this project, TotalEnergies and Morocco are set to make substantial strides in advancing global environmental goals while fostering economic growth and sustainability.