Morocco's State-owned phosphates and fertiliser producer OCP said on Tuesday it had signed an agreement with the International Finance Corporation (IFC), the World Bank's investment arm, on a €100-million ($106-million) loan to build two solar plants to increase production of low-carbon fertilisers.
The two photovoltaic plants will be located in the mining areas of Khouribga and Benguerir with a combined capacity of 400 MW and a storage capacity of up to 100 MWh, OCP said in a statement.
This green loan is the second offered by the IFC to OCP within a year after a similar €100-million loan last April to build four plants with a combined capacity of 202 MW in the same mining areas.
Last year, OCP announced an investment plan worth 130-billion dirhams ($13-billion) to fully rely on renewable energies for its fertiliser production by 2027.
In June, OCP told Reuters it plans to invest $7-billion in an ammonia plant using green hydrogen, produced from renewable fuel.