Moroccan OCP group secures €100mln IFC fund

Moroccan OCP Group has been granted €100 million loan from the International Finance Corporation (IFC) to fund its solar projects and construct four solar photovoltaic (PV) power plants with capacity of 202 megawatts, according to Morocco World News.

OCP Green Energy, an OCP affiliate, is expected to supervise the implementation of the first phase of the project. This phase would include designing and operating four PV power plants. The final capacity of the project is expected to reach 1,200 MW.

On its official website, OCP states its commitment to “achieve carbon neutrality by 2040.” Additionally, the group hopes to replace sources of “electricity production to come from wind, solar, hydroelectric and cogeneration sources.”

The Group has launched green investment programme for the period 2023-2027 to align with the nation’s energy transition strategy.