Morocco’s OCP Secures $106 Million Loan for 400 MW Solar Power Project

12 October 2023 – bySylvanus@Bladi · 1 min read

On the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank being held in Marrakech, the OCP group has secured a significant loan from the International Finance Corporation (IFC) for the construction of two solar power plants to enable it to increase its production of low-carbon fertilizers.

$106 million. This is the new loan that the International Finance Corporation (IFC), the investment arm of the World Bank, has granted to OCP. The two parties signed an agreement to this effect on Tuesday. This loan will be used to build two photovoltaic power plants in the mining areas of Khouribga and Benguerir, with a combined capacity of 400 megawatts and a storage capacity of up to 100 megawatt-hours, OCP said in a statement.

OCP intends to implement an ambitious solar power plant program to boost its fertilizer production by 2027. This is an investment plan worth 130 billion dirhams ($13 billion). In an interview with Reuters in June, the Moroccan phosphate giant said it plans to invest $7 billion in a green hydrogen-based ammonia plant.

Last year, the group achieved a record turnover of 84.3 billion dirhams ($7.5 billion). OCP has 18,000 employees and 350 customers worldwide.

Category: Economy

Keywords:

Marrakesh IMF Loan Cherifian Office of Phosphates