Morocco’s national phosphates and fertilizer giant, l’Office Chérifien des Phosphates (OCP), has launched an investor roadshow for an international bond worth up to $2 billion to support its expansion plans, Reuters reported on Monday.
The bond will be managed by BNP Paribas, Citi, and JP Morgan.
It will be the first since OCP unveiled a $13 billion plan in 2022 to transition entirely to renewable energy to power its industrial activities.
The state-run company also intends to invest in green hydrogen to make ammonia, and it has already invested in desalination technology.
OCP’s most recent overseas bond sale was a $1.5 billion dual-tranche offering in 2021.