Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

IFC loans Morocco’s OCP $106 million to build two solar power plants

MOROCCO’S state-owned phosphates and fertiliser producer OCP said it had signed an agreement with the International Finance Corporation (IFC), the World Bank’s investment arm, on a 100 million-euro ($106 million) loan to build two solar plants to increase production of low-carbon fertilizers.

The two photovoltaic plants will be located in the mining areas of Khouribga and Benguerir with a combined capacity of 400 megawatts and a storage capacity of up to 100 megawatt-hours, OCP said in a statement.

This green loan is the second offered by the IFC to OCP within a year after a similar 100 million-euro loan last April to build four plants with a combined capacity of 202 megawatts in the same mining areas.

Last year, OCP announced an investment plan worth 130 billion dirhams ($13 billion) to fully rely on renewable energies for its fertiliser production by 2027.

In June, OCP told Reuters it plans to invest $7 billion in an ammonia plant using green hydrogen, produced from renewable fuel.

By The African Mirror

MORE FROM THIS SECTION