Morocco's state-owned phosphates and fertiliser producer, OCP, announced on Tuesday a significant milestone in its sustainability efforts as it signed a 100 million-euro ($106 million) agreement with the International Finance Corporation (IFC), the World Bank's investment arm. The purpose of this funding is to facilitate the construction of two state-of-the-art solar plants aimed at bolstering the production of low-carbon fertilizers.
The two photovoltaic plants are slated to be situated in the mineral-rich regions of Khouribga and Benguerir. Together, they will boast a formidable combined capacity of 400 megawatts, further reinforced by a storage capacity of up to 100 megawatt-hours, according to an official statement by OCP.
This endeavor marks the second green loan extended by the IFC to OCP in the span of a year, following a similar 100 million-euro loan granted in April for the construction of four plants with a collective capacity of 202 megawatts in the same mining areas.
In a remarkable commitment to sustainability, OCP had previously announced a sweeping investment plan, valued at 130 billion dirhams ($13 billion), with the goal of entirely shifting its fertiliser production to rely on renewable energies by the year 2027.
Furthermore, OCP disclosed its ambitious intention to invest $7 billion in an ammonia plant that will harness green hydrogen, produced from renewable sources, in line with its overarching environmental objectives.
OCP's continuous efforts towards greener and more sustainable fertiliser production represent a significant stride in Morocco's push for a cleaner and more environmentally responsible industrial sector.
