Billionaire Forrest eyes 'massive opportunity' piping green power from Africa to Europe
Australian tycoon signs agreement with cable laying specialist Jan de Nul
Australian billionaire Andrew Forrest hailed “a massive opportunity” to send green electricity to Europe from North Africa as he signed a joint venture deal with cable installation specialist Jan de Nul.
Forrest’s Fortescue and Belgium-based offshore contractor Jan de Nul will work together to look at potential manufacturing facilities in Morocco, already a major focus of efforts to build large-scale renewable power and fuels capabilities by several players including Fortescue itself.
Forrest said: “There is a massive opportunity to send renewable electrons from Morocco and North Africa to Europe to industries and consumers who deserve a better choice than the only one they currently have available – carbon emitting, global warming-causing fossil fuels.
“Europe, under EU rules, will impose carbon taxes globally through its Carbon Border Adjustment Mechanism on industries that fail to convert energy supplies to renewable energy.
“Fortescue believes a lack of cable laying capability is creating a bottleneck in connecting Morocco to Europe, making this pursuit with Jan De Nul one the most outstanding opportunities we have across the world.”
Forrest made his fortune in mining but has emerged as one of the largest and most vocal backers of green hydrogen and renewables in his home market and globally.
Fortescue in April signed an agreement with fertiliser group OCP over “large-scale integrated green ammonia and green fertiliser production capacity” in Morocco.
The North African nation is separately the subject of giant plans such as the $30bn Xlinks, which wants to power seven million UK homes by piping green energy from the Sahara Desert.
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