- The IFC will provide a landmark green loan of €100 million to build solar plants in the mining towns of Benguerir and Khouribga.
- OCP Group and IFC to build four solar plants to power OCP’s Moroccan operations and reduce the company’s carbon footprint.
OCP Group, the world’s largest phosphate-based fertilizer producer, announced today a partnership with the International Financial Cooperation (IFC) to build four solar plants to power OCP’s Moroccan operations, reduce the company’s carbon footprint and make fertilizer production greener.
The two entities announced the partnership during this week’s “Spring Meetings” of the International Monetary Fund and World Bank in Washington, DC. Under the agreement, according to a statement from OCP, the IFC will provide a landmark green loan of €100 million to build solar plants in the mining towns of Benguerir and Khouribga. The two cities are home to some of Morocco’s vast phosphate reserves.
The four solar plants will have a combined peak capacity of 202 megawatts (MWp) and supply green energy to power OCP’s operations. The project is set to be implemented by OCP Group Energy, an OCP Group subsidiary established in 2022 to oversee the group’s green transition. The project is part of OCP’s ambitious green investment program. This year, the fertilizer manufacturer unveiled its $13 billion Green Investment Program, which aims to increase green fertilizer production and transition the company’s operational energy use to green energy by 2030.
The plan aims to replace OCP’s electricity consumption with green energy, averting about 285,000 tons of annual carbon dioxide equivalent (tCO2e) emissions. Commenting on the partnership, OCP Group Chairman and CEO Mostafa Terrab described the deal as “ground-breaking,” adding that it underlines its commitment to the global agricultural transition. The plants are expected to provide a cost-efficient energy source while boosting OCP’s competitiveness by increasing the production of low-carbon fertilizers.
The project will bring the Moroccan company closer to its target of sourcing 100% of its electricity needs from wind, solar, and cogeneration. The project will also support the resilience of Morocco’s electricity-generating sector.