Morocco's OCP gets $106m IFC loan to build solar power plants
Morocco's state-owned phosphates and fertilizer producer, OCP, has entered into an agreement with the International Finance Corporation (IFC) to secure a $106 million loan for the construction of two solar plants. These plants will bolster the production of low-carbon fertilizers. The photovoltaic plants will be situated in the mining regions of Khouribga and Benguerir, boasting a combined capacity of 400 megawatts and storage capacity of up to 100 megawatt-hours.
This green loan marks the second such loan from the IFC to OCP in a year, following a similar $106 million loan in April of the previous year for the construction of four plants with a combined capacity of 202 megawatts in the same mining areas.
OCP has demonstrated a commitment to sustainability, with a significant investment plan of $13 billion to transition to renewable energies for its fertilizer production by 2027. Additionally, OCP has announced plans to invest $7 billion in an ammonia plant utilizing green hydrogen produced from renewable sources.
Key Takeaways
Africa is positioned at the forefront of renewable energy production, leveraging its abundant renewable resources to address critical energy needs. The continent benefits from ample sources of renewable energy, including solar photovoltaic (PV) and concentrated solar power (CSP). These resources offer a compelling opportunity to supply utility-scale electricity to the vast number of individuals and numerous large manufacturers who currently lack access to reliable and affordable electricity. Renewable energy projects in Africa have the potential to significantly expand energy access, reduce greenhouse gas emissions, and stimulate economic growth. With ample sunlight and wind resources in many regions, coupled with the increasing affordability of renewable technologies, the continent is embracing a sustainable path toward addressing its energy challenges. More so, Africa's commitment to renewable energy is a promising sign of its potential to lead in the global transition to cleaner and more sustainable power sources.
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