IFC Loans OCP €100 million to Build Solar Plants

International Finance Corporation (IFC) will provide Morocco’s OCP group with a green loan of €100 million to build the solar plants in the mining towns of Benguerir and Khouribga, IFC announced in a statement Wednesday.
This came during the International Monetary Fund-World Bank Group Spring Meetings in Washington D.C.
The loan will allow the building of four solar plants to power OCP’s operations to reduce the company’s carbon footprint and help green its fertilizer production.
The plants will have a combined capacity of 202-megawatt peak (MWp) and will supply clean energy directly to OCP’s operations.
The project is part of OCP’s $13 billion Green Investment Program, which aims to increase its green fertilizer production and transition its operations to green energy by 2030. It will also allow OCP to replace its electricity consumption with green energy, avoiding about 285,000 tons of carbon dioxide equivalent (tCO2e) annually.
“This ground-breaking agreement underlines our commitment to the global agricultural transition. Investing in reliable and competitive renewable energy is a key pillar of OCP’s investment plan towards our ambitious targets for sustainable green fertilizers,” said OCP Group Chairperson and CEO Mostafa Terrab.
The plants will also support the resilience and diversification of Morocco’s electricity sector, added IFC.
The project will leverage the expertise of INNOV’X, an innovation engine launched by Mohammed VI Polytechnic University in 2022.
“We are proud to support OCP’s efforts to reduce emissions and green fertilizer production in Africa,” said IFC Managing Director Makhtar Diop.
IFC is a member of the World Bank Group and is the largest global development institution focused on the private sector in emerging markets.