The International Finance Corporation (IFC) has agreed to provide a €100 million green loan for the world's largest phosphate-based fertilizer producer to install what it believes is the largest solar and storage plant in North Africa.
The 400 MW solar PV with up to 100 MWh storage plant will make it the 1st large-scale solar PV project with integrated storage infrastructure in Morocco. The beneficiary OCP Group will use the €100 million IFC loan to build 2 solar power plants to power the world's largest phosphate reserves in the Moroccan mining towns of Benguerir and Khouribga.
The IFC loan will help OCP build the 2 projects for a total investment of €360 million. This is the 2nd IFC green loan for OCP after it secured €100 million in April 2023 to support the construction of 4 solar plants with 202 MW combined capacity in the same towns (see IFC Backs Solar Power In Morocco).
OCP plans to deploy a total of 1.2 GW solar capacity under its solar program that's being implemented by OCP Green Energy SA. Under this, the company aims to go 100% green energy operated by 2027.
Used extensively in the food industry as phosphoric acid, the green energy produced phosphate in Morocco will have long-term positive effects on the global food supply, according to IFC MD Makhtar Diop. It is also used as one of the 3 main nutrients for fertilizers along with nitrogen and potassium.