Top Posts
Environment minister says tree planting key to combating...
Study shows two-thirds of global warming caused by...
Climate Change: Heavy surge wipes out six Lagos...
Study shows mountain plants won’t adapt fast enough...
Magnitude 4.1 earthquake hits Marrakech
Weather expert warns climate change to hit agriculture...
NGO wants govt to tackle climate change-driven conflicts
NiMet DG seeks Integration of Meteorological Data Into...
Climate activists renew call for climate reparation for...
Nigeria to host global workshop on climate change
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

IFC approves €100 Million for OCP Group to finance solar projects

by Matthew Eloyi April 8, 2023
written by Matthew Eloyi April 8, 2023
480

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.

Read Also: Delta approves installation of renewable energy in government hospitals

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

IFCOCP Group
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Delta approves installation of renewable energy in government hospitals
next post
U.S. EPA to propose new vehicle pollution reductions regulations

Related Posts

Study shows two-thirds of global warming caused by...

May 8, 2025

Weather expert warns climate change to hit agriculture...

May 5, 2025

Trump dismisses authors of major climate report

April 30, 2025

New UN report shows Indigenous Peoples sidelined in...

April 25, 2025

UN Report shows Climate crisis driving surge in...

April 24, 2025

UNDP joins Global Network to assist countries cope...

April 24, 2025

Earthquakes hit Mae Hong Son, Myanmar border on...

April 21, 2025

European State of the Climate report finds 2024...

April 21, 2025

Study links climate change to rising arsenic levels...

April 18, 2025

5.6 Magnitude Earthquake Hits Southern Philippines

April 16, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World