The Kingdom of Morocco has just signed a framework agreement with Finland for investments in energy transition, energy efficiency and green hydrogen. This agreement creates the framework for investments by Finnish companies in Morocco.
Diplomatic relations between Morocco and Finland are accelerating on energy. Finland wants to participate in the energy transition and thus promote investments of its companies in this North African kingdom with high potential in renewable energy. The agreement signed between the Finnish ambassador to Morocco, Pekka Hyvönen and Leila Benali, the Moroccan Minister of Energy Transition and Sustainable Development focuses on cooperation in the fields of energy efficiency, renewable energy and low-carbon hydrogen.
In this particular field, Morocco is being courted by many European countries, notably France, Portugal and Germany, to produce green hydrogen locally and export it to the international market. For the moment, the concrete project announced is carried by a French company, Total Eren, the subsidiary of the oil group TotalEnergies, which wants to invest 9.4 billion euros in Guelmim-Oued Noun in southern Morocco.
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For its part, Finland, like other European countries, wants to include hydrogen in its energy mix. Helsinki wants to prepare the ground for investments by its companies. “Investments in renewable energy, energy efficiency and energy systems are essential for a prosperous society. Finland has developed strong expertise in these areas and we are happy to start practical cooperation with Morocco,” says Mika Lintilä, Finland’s Minister for Economic Affairs and Employment.
Finland is increasingly present on the energy scene of the African continent through Finnfund. The state-owned financial company invests mainly in the construction of small-scale renewable energy plants, including for the productive use of electricity. Recently, Finland announced the release of 118 million euros for the financing of wind power projects in Africa. These funds will be channelled through the International Finance Corporation (IFC), the World Bank Group’s private sector financing arm.
Jean Marie Takouleu
