Morocco’s OCP Secures a Green Loan From the IFC
The Loan Will Help Finance Two Solar Energy Farms
The International Finance Corporation (IFC) will extend a USD 100 mn loan to Moroccan state-owned fertilizer and phosphate giant OCP Group to boost the company’s solar-powered fertilizer production operations, according to a statement released today.
FC and OCP Group, the world's largest phosphate-based fertilizer producer, today took a new step in their collaboration to increase the production of low-carbon fertilizers using solar energy, helping green global food systems and reducing their vulnerability to fluctuations in hydrocarbon prices.
The loan will help finance two solar energy farms with a combined 400 MW peak power capacity and a total investment ticket of USD 360 mn in the Moroccan towns of Benguerir and Khouribga, which are home to Morocco’s largest phosphate reserves.
The solar projects will be supplemented with a BESS facility with a 100 MWh peak storage capacity. OCP aims to use the clean energy it produces from the PV plants to clean its phosphate mining operations
A green loan is a form of financing for eligible projects that contribute to environmental objectives such as climate change mitigation or adaptation.