Fortescue Future Industries, a global green energy company led by Australian billionaire Andrew Forrest, and the Kenyan government have reiterated their dedication to advancing a significant green energy and fertilizer initiative.
They have solidified their partnership by signing an investment support and implementation agreement for the construction of a green ammonia and fertilizer production facility with a 300-megawatt capacity near the Olkaria geothermal field in Naivasha.
This follows the agreement made by the Forrest-led group to construct a 300-megawatt green ammonia and fertilizer plant in Kenya at the UN Climate Change Conference (COP27), where more than 90 heads of state and representatives from 190 countries met to deliberate policies to limit global temperature rises.
Recent agreement could make Andrew Forrest richer, unlock gains for Kenya
The recent move to build a 300-megawatt green ammonia and green fertilizer plant in Kenya by 2025 through a joint venture between the Kenyan government and Fortescue, is a critical step in reducing Kenya’s reliance on imports, mitigating the threat of food insecurity, and boosting food production while lowering fertilizer prices.
This collaboration is expected to generate thousands of new jobs in Kenya, accelerating the country’s green energy transition and aligning with the global effort to limit temperature increases and achieve net-zero emissions.
It’s worth noting that the construction of this plant has the potential to increase the wealth of Forrest, one of Australia’s wealthiest individuals, who now ranks as the 70th richest person globally.
His net worth has grown by $503 million since the start of the year, from $21.1 billion to $21.6 billion. The bulk of his fortune comes from his 36-percent ownership stake in Fortescue Metals Group, a publicly traded Australian company that ranks as the world’s fourth-largest iron ore producer.
