Morocco’s OCP and the International Finance Corporation (IFC) have agreed to a $106 million loan for the development of two solar projects in the country.
On October 10, the Moroccan state-owned firm Office Chérifien des Phosphates (OCP), which specializes in phosphates and fertilizers, signed a substantial agreement with the International Finance Corporation (IFC), receiving a $106 million loan for the building of two solar facilities.
This cash investment is a strategic step in line with OCP’s objective of increasing domestic production of low-carbon fertilizers.
These two photovoltaic facilities, according to OCP, will be strategically located in the mining districts of Khouribga and Benguerir.
These solar installations have a combined capacity of 400 megawatts (MW), which is supplemented with significant storage capacity of up to 100 megawatt-hours.
This demonstrates OCP’s commitment to environmental responsibility by emphasizing sustainable and dependable energy sources. It is crucial to remember that this is the IFC’s second green loan to OCP in less than a year.
According to Reuters, a similar loan in the amount of 100 million euros was issued in April.
This previous loan was intended for the building of four solar facilities with a total capacity of 202 megawatts, likewise in California.
Khouribga and Benguerir mining districts.
In addition to its sustainable activities, OCP issued an ambitious investment announcement in 2022.
They launched a $13 billion investment plan to demonstrate their commitment to converting totally to renewable energies for fertilizer production by 2027.
In a following development, OCP announced intentions to invest $7 billion in an ammonia factory in June. Green hydrogen, a kind of hydrogen created from sustainable fuel sources, will be used in this plant.
