The Office Chérifien des Phosphates (OCP), a Moroccan leader in phosphates and fertilizers, has entered into an agreement with the International Finance Corporation (IFC). On October 10, the IFC announced a $106 million loan to fund the construction of two state-of-the-art solar plants in Morocco.
In a statement, OCP underscored the importance of this financial infusion, aligning with its objective of boosting low-carbon fertilizer production within the country. These two cutting-edge photovoltaic plants are positioned in the mining regions of Khouribga and Benguerir.
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Together, they will boast a combined capacity of 400 megawatts (MW), supported by a substantial energy storage capacity of up to 100 megawatt-hours.
The significance of this move lies in OCP’s commitment to sustainable and reliable energy sources, reflecting their dedication to environmental responsibility. This marks the second instance of the IFC extending a green loan to OCP within a year, following a 100 million euro loan granted in April for the construction of four solar plants in the same mining areas.
This latest investment falls in line with OCP’s broader sustainability initiatives. In 2022, the company made an announcement, unveiling an investment plan totaling $13 billion. This financial commitment underscores OCP’s determination to transition to renewable energies for fertilizer production by 2027.
Furthermore, in a development in June, OCP unveiled plans to invest $7 billion in an ammonia plant, leveraging the power of green hydrogen, a renewable fuel source.
This development is of critical importance as it pertains to food security, especially in sub-Saharan Africa. In December 2022, the World Bank highlighted the urgent need for local fertilizer production in the region, where approximately 90% of fertilizer consumed is imported.
OCP’s efforts in greening the fertilizer industry may well play a crucial role in addressing this issue and ensuring a more sustainable future for agriculture on the continent.
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