- IFC announces €100 million green loan to OCP Group for solar construction in Benguerir and Khouribga.
- The project is expected to reduce carbon dioxide emissions by about 285,000 tCO2e per year.
The International Finance Corporation (IFC) has announced a €100 million green loan to OCP Group for the construction of two solar plants in Benguerir and Khouribga, the locations of Morocco’s largest phosphate reserves. The plants, with a combined capacity of 202 MWp, will supply clean energy directly to OCP’s operations, contributing to the company’s Green Investment Program, which aims to increase its green fertilizer production and transition its operations to green energy by 2030. The project is expected to reduce carbon dioxide emissions by about 285,000 tCO2e per year, helping to decarbonize Morocco’s electricity sector. OCP plans to source 100% of its electricity needs through wind, solar, and cogeneration by 2027.
The project aligns with IFC’s mandate to help emerging countries access private capital to implement climate-friendly projects and support climate change mitigation and adaptation. It also supports IFC’s Global Food Security Platform, which aims to strengthen the private sector’s ability to respond to food crises and promote sustainable food production. The project will leverage the expertise of INNOV’X, an innovation engine dedicated to building sustainable businesses and ecosystems with strong local impact, launched by Mohammed VI Polytechnic University in 2022.