Morocco's State-owned phosphates and fertiliser producer OCP said on Wednesday it signed an agreement with the International Finance Corporation (IFC), the World Bank's investment arm, on a €100-million ($110-million) loan to build four solar plants to power its industrial operations.
The loan is part of an OCP investment plan worth 130-billion dirhams ($12.8-billion) to increase fertiliser production using renewable energy by 2027.
The four solar plants, with an estimated peak capacity of 202 MW, will be built in the areas of Benguerir and Khouribga, home to Morocco's largest phosphates reserves, OCP said in a statement.
The company reported record revenue last year of $11.2-billion, up 36%, on the back of high fertiliser prices which accounted for 64% of total sales.
Profit jumped 72.6% to 28-billion dirhams ($2.8-billion) the same year.
Phosphates and their derivatives including fertiliser topped Morocco's exports last year, exceeding the automotive sector.
The share of renewables in Morocco's installed capacity is currently at 41%, according to official data. The country plans to increase it to 52% by 2030.