OCP Solar #2

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The proposed IFC investment consist of a EUR100m corporate debt facility to OCP SA (referred to as “OCP” or the “company”), an existing client of IFC. The investment will support the second phase of OCP’s solar program through the development of two greenfield solar photovoltaic (“PV”) power plants with a combined installed capacity of 400 MWp, at the company’s Benguerir and Khourigba phosphate mine zones in central Morocco (the “project”). The PV plant at Benguerir will be developed in two stages within a 1000-ha site located 8 km east of the city of Benguerir in the communes of Ouled Hassoun Hamri and Jaafra, Rhamna province, Marrakech-Safi region. The first stage will consist of 30 MW and the second stage will be 271 MW with a 100 MWh Battery Energy Storage System. The 99 MW PV plant at Khourigba will be developed in a single stage within a 770-ha site, located 26 km to the southeast of the city of Khouribga, in the commune of Krifate, Fquih Ben Saleh province, Béni Mellal-Khenifra region. Both sites have been dedicated for the development of future OCP solar plants. The first stage of the Benguerir plant will use existing grid connections; whereas the second stage will require a new substation and OTL to be constructed, the details of which will be confirmed at the feasibility stage of the project. The Khourigba plant will connect to an existing substation via a new 5 km, 60 kV OTL to be built as part of the project. The Benguerir site is directly accessible by the regional R206 road linking Benguerir to El Kelaa, which connects to the national N°9 road connecting Casablanca to Marrakech. Access roads will connect the Khourigba site to the national N11 road linking Khouribga to Fquih Ben Saleh. All the plants, ancillary facilities, access roads and OTLs Right of Way (“RoW”) will be located on OCP owned lands. OCP has delegated the basic Engineering and the Project Management Consultancy (“PMC Role”) to JESA, a joint venture between the company and Worley, a global engineering and environmental services consultancy. Construction for the Benguerir stage one and Khourigba is expected to start in August 2024 and for Benguerir stage two in July 2025 and expected to take around 12 months.OCP is an existing IFC client since 2021 with a satisfactory E&S performance (Project# 43582 disclosed in May 2021 and Project# 46531 disclosed in December 2022). Environmental and Social Review summary (“'ESRS”) of previous OCP investments are available at https://disclosures.ifc.org/project-detail/ESRS/43582/ocp-africa-cf and https://disclosures.ifc.org/project-detail/ESRS/46531/ocp-solar-1.