Luxcara Secures Financial Close for 315.7 MW Solar Portfolio

OCP Group, a phosphate-based fertilizer producer, announced that IFC will provide a €100 million (~$105.54 million) green loan for constructing two solar projects totaling 400 MW and up to 100 MWh of battery storage.

This announcement marks IFC’s second green loan to OCP this year. In April 2023, as part of the first phase of OCP’s 1.2 GW solar program, IFC provided a €100 million (~$110.5 million) loan for four solar power plants, also in Benguerir and Khouribga, for a combined capacity of 202 MW.

“Today’s agreement is a major milestone towards our target of using 100% renewable energy in our fertilizer production by 2027”, said OCP Group Chairman and CEO Mostafa Terrab. “Our deepening collaboration with IFC reflects our alignment on the urgency of addressing the global challenges of food security and climate change simultaneously”.

OCP’s solar program is implemented by OCP Green Energy SA, a wholly-owned subsidiary of OCP, created in 2022 to develop the company’s renewable energy generation activities. It is part of OCP’s $13 billion Green Investment Program, which aims to increase its green fertilizer production and convert its operations fully to green energy by 2027.

“IFC is proud to support OCP in its journey to reduce its carbon footprint, a strategy that will have long-term positive effects not only in Morocco but also on the global food supply,” said Makhtar Diop, IFC Managing Director. “The fertilizer industry needs leading companies like OCP to embrace a sustainable path forward, and IFC is committed to supporting this important shift.”

According to Mercom’s recently released 9M and Q3 2023 Solar Funding and M&A Report, announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.

Ashtrom Renewable Energy, an independent power producer and subsidiary of the Israel-based Ashtrom Group, has secured $270 million for its 400 MW Tierra Bonita Solar Project in Texas. The green financing was secured from a group of five banks, including BHI, the U.S operation of Bank Hapoalim Group, Bayerische Landesbank, ING Capital, Rabobank, and Société Générale.