Moroccan state-owned phosphate and fertilizer producer OCP announced Wednesday that it has signed an agreement with the International Finance Corporation (IFC), the investment arm of the World Bank, for a €100 million ($110 million) loan to build four solar power plants to power its industrial operations. The loan is part of a 130 billion dirham ($12.8 billion) investment plan by OCP to increase fertilizer production using renewable energy by 2027.
The four solar power plants, with an estimated peak capacity of 202 megawatts, will be built in the regions of Benguerir and Khouribga, where Morocco’s largest phosphate reserves are located, OCP said in a statement. The company posted record sales last year, reaching $11.2 billion, up 36%, thanks to high fertilizer prices, which accounted for 64% of total sales. Profits jumped 72.6% to 28 billion dirhams ($2.8 billion) in the same year.
Phosphates and their derivatives, including fertilizers, were Morocco’s top export last year, surpassing the automotive sector. According to official data, the share of renewable energy in Morocco’s installed capacity is currently 41%. The country plans to increase it to 52% by 2030.
