IFC Backs Solar Power In Morocco

Moroccan Fertilizer Company OCP Gets €100 Million IFC Loan For 202 MW Solar PV Projects

IFC Backs Solar Power In Morocco

OCP Group will set up 202 MW solar power plants for its mining operations in Morocco. (Illustrative Photo; Photo Credit: wadstock/Shutterstock.com)

  • OCP Group raises €100 million green loan from the IFC to build 202 MW solar PV capacity
  • It will be established as 4 solar plants in the mining towns of Benguerir and Khouribga
  • Clean energy generated will be directly supplied to OCP’s operations for green fertilizer production

The world’s ‘largest’ phosphate-based fertilizer producer OCP Group has secured a €100 million green loan from the International Finance Corporation (IFC) for a combined 202 MW solar PV capacity development for green fertilizer production in Africa.

OCP plans to build this capacity in the form of 4 solar plants in the mining towns of Benguerir and Khouribga that house the country’s largest phosphate reserves, according to the IFC. Clean energy generation from these facilities will directly power OCP’s operations.

The miner will realize this capacity through its renewable energy subsidiary OCP Green Energy SA. IFC says this project is part of the Moroccan company’s Green Investment Program worth €13 billion through which it aims to increase the green fertilizer production and transition 100% of its operations to green energy sources as wind, solar and cogeneration by 2027.

“Climate change and food security are deeply intertwined. With this investment, we are helping build a food system for Africa and the world that is both more sustainable and more secure,” stated IFC Managing Director Makhtar Diop.

The World Bank Group entity says this green loan to OCP aligns with its $6 billion Global Food Security Platform through which it targets to support private sector responds to the food crisis and help sustainable food production.

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.

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