TotalEnergies' $11 Billion Green Hydrogen Deal with Morocco
Key Ideas
- TotalEnergies to explore renewable energy project for hydrogen and ammonia production in Morocco for European delivery.
- Deal signed during Macron's visit, part of a larger package of agreements between France and Morocco.
- The project aligns with Europe's Green Deal objectives for increased use of green hydrogen and ammonia.
- TotalEnergies finds Morocco's economics and proximity to Europe favorable for the project.
French oil major TotalEnergies has signed an $11 billion deal with Morocco to explore a renewable energy project focused on producing hydrogen and ammonia for delivery to Europe. The agreement, part of a series of deals valued at over $10 billion between the two countries, was revealed during French President Emmanuel Macron's visit to Morocco. The project aims to support Europe's transitioning energy landscape by providing green hydrogen and ammonia. TotalEnergies views Morocco's economic factors and geographical location as advantageous for this endeavor, which is in line with the goals set out in the European Green Deal.