Morocco and IFC agree solar and battery storage loan
13 October 2023
World Bank's International Finance Corporation (IFC) and Morocco fertiliser producer OCP Group have signed a €100m ($105m) green loan for the construction of two integrated solar power plant and battery storage projects.
The two solar plants will supply power to the towns of Ben Guerir and Khouribga, home to Morocco’s largest phosphate reserves.
The planned solar power PV plants will have a combined capacity of 400MW and up to 100 megawatt-hours (MWh) of battery storage,
A green loan is a form of financing for eligible projects that contribute to environmental objectives such as climate change mitigation or adaptation.
The project will help OCP increase the production of low-carbon and phosphate-based fertiliser products "helping green global food systems and reducing their vulnerability to fluctuations in hydrocarbon prices".
OCP said: "Over the past three years, the COVID-19 pandemic and the war in Ukraine have pressured global food supply chains, leading to supply disruptions and price fluctuations.
"Reducing the sector’s dependence on hydrocarbons helps ensure sustainable food production, price stability and improved food security in developing and emerging countries."
IFC previously agreed to provide a first green loan, also valued at €100n, to OCP as part of the first phase of OCP’s 1,200MW solar programme.
In April this year, it provided the first loan supporting the construction of four solar power plants, also located in Ben Guerir and Khouribga, which have a total combined capacity of 202MW.
The OCP solar program is being implemented by OCP Gren Energy , a wholly-owned subsidiary of OCP created in 2022 to develop the company’s renewable energy generation activities.
It is part of OCP’s $13bn green investment programme, which aims to increase its green fertiliser production and convert its operations fully to green energy by 2027.
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Siemens Energy wins $1.6bn Saudi deal
13 March 2025
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Chinese engineering, procurement and construction (EPC) contractor Harbin Electric International has awarded Germany’s Siemens Energy a contract to supply combined-cycle gas turbine (CCGT) units for the Rumah 2 and Nairiyah 2 independent power projects (IPPs) in Saudi Arabia.
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Photo credit: Siemens Energy
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Chinese builders go global
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Commentary
Colin Foreman
EditorRead the March MEED Business Review
It is difficult to fathom the scale of growth experienced by China’s construction sector over the past 20 years. Since 2004, it has grown by over 800%, with a compound annual growth rate of 11% to reach an estimated value of $4.5tn.
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