The Moroccan phosphate industry’s largest company, OCP Group, has received approval from the International Finance Corporation (IFC), a member of the World Bank Group, for a “green” loan of €100 million (MAD 1.1 billion) to fund its solar projects.
Converging reports state that the loan will allow OCP to build four solar PV power plants with a combined capacity of 202 megawatts. The plants will be situated at the company’s mining operations in Khouribga and Benguerir.
A total of €159.2 million (MAD 1.7 billion) will be needed to build the four photovoltaic power plants. The project will be carried out in two stages, commencing with 202 MW without storage and increasing to 1,200 MW in total.
The design, setup, and operation of the four plants will be part of the project’s initial phase. This phase is anticipated to be managed by OCP Green Energy, a division of OCP in charge of the organization’s projects including renewable energy.
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In terms of the plants’ location, OCP will construct a 105-megawatt-peak plant on 168 hectares of land at the Ouled Fares site in the mining region of Khouribga.
The team will also create a 30-megawatt peak over 52 hectares at the Foum Tizi location in the same region of Khouribga.
Meanwhile, OCP is set to build two power plants in the Benguerir mining site, a 22 megawatts-peak plant over 38 hectares and another 45 megawatts-peak over 80 hectares.
The initiative is a part of OCP’s ambitious aim to completely get all of the electricity for its industrial sites from renewable sources by 2027, including solar, wind, hydroelectric, and cogeneration.
Story was adapted from Morocco World News
