Morocco’s OCP SA has received a loan of $188 million from the African Development Fund (AfDB) to help fund its green investment plan. Some $155 million from the loan will go toward construction of three desalination plants powered by renewable energy.
Last year, OCP lined up loans from the International Finance Corp. to build solar facilities (GM Oct. 13, 2023). OCP plans to invest 130 billion dirhams ($12.3 billion) in 2023-2027 to ramp up its transition to carbon neutrality and end its status as the world’s top ammonia importer in the long term (GM Dec. 9, 2022).
The investment will raise OCP’s fertilizer production capacity while committing to achieving carbon neutrality before 2040. The plan includes a shift to solar and wind to power all its plants in 2027. The company has said it will later invest in “a series of renewable energies including green hydrogen and green ammonia” to capture the green fertilizer market.
OCP’s 2023-2027 investment plan will dedicate 70% of contracts to local firms and create 25,000 direct and indirect jobs.