To implement its plan of using renewable energy by 2027 for its industrial production, OCP Group- Morocco’s phosphates and fertiliser producer, has signed a pact with the International Finance Corporation (IFC), the World Bank’s investment arm, on a 100 million-euro ($110 million) loan to build four solar plants to power its industrial operations.
This is a part of OC’s investment plan worth 130 billion dirhams ($12.8 billion) to increase fertiliser production using renewable energy by 2027.
In its statement, the firm said that these solar plants will be built in the areas of Benguerir and Khouribga, which has Morocco’s largest phosphates reserves,with an estimated peak capacity of 202 MW. Phosphates and their derivatives including fertiliser topped Morocco’s exports last year, leaving behind the automotive sector.
As per data, the share of renewables in Morocco’s installed capacity is currently at 41%. Moreover, Morocco is reported to be one of the most advanced countries in successfully planning and executing its renewable energy strategies. While the current objective aims for 52% renewable energy in the total installed capacity by 2030, the new roadmap suggests raising the share of renewable energies to 70% by 2040 and 80% by 2050 in the electricity mix, in terms of both energy and capacity.