The International Finance Corporation (IFC) and OCP Group have partnered to build four solar plants in Morocco to power OCP’s operations and reduce its carbon footprint.
The green loan of €100 million provided by IFC will finance the construction of the plants with a combined capacity of 202-Megawatt peak (MWp) in Benguerir and Khouribga, where Morocco’s largest phosphate reserves are located. The project will be implemented by OCP Green Energy SA, an OCP subsidiary established in 2022 to develop the company’s renewable energy generation activities. The solar plants will supply clean energy directly to OCP’s operations, enabling the company to replace its electricity consumption with green energy, reducing about 285,000 tons of carbon dioxide equivalent (tCO2e) annually.
OCP’s Green Investment Program, with a budget of $13 billion, aims to increase its green fertilizer production and transition its operations to green energy by 2030. The project will provide a cost-effective source of energy, increase production of low-carbon fertilizers, and contribute to the resilience and diversification of Morocco’s electricity sector. OCP plans to source 100 percent of its electricity needs through wind, solar, and cogeneration by 2027.
IFC’s investment supports emerging countries’ access to private capital to implement climate-friendly projects, decarbonize their economies, and adapt to a warming planet. The project aligns with IFC’s Global Food Security Platform, a $6 billion financing facility launched in 2022 to strengthen the private sector’s ability to respond to the food crisis and support the sustainable production of food.
The project leverages the expertise of INNOV’X, an innovation engine launched by Mohammed VI Polytechnic University in 2022 dedicated to building innovative and sustainable businesses and ecosystems with strong local impact. In 2021, IFC provided OCP with a $100 million loan to support its subsidiary, OCP Africa, to increase the availability of fertilizers and improve training on practices on local soils and crops in several African countries. IFC also provided advisory services to help OCP obtain EDGE (Economic Dividends for Gender Equality) certification for gender equality in 2022.
