Moroccan phosphates and fertilizer giant OCP has received a green light from the AMMC capital market authority to issue an ordinary bond worth 5 billion dirhams ($500 million), the AMMC said on Wednesday.

OCP plans to invest $13 billion in 2023-2027 to fully move to renewable energy and desalinated water in its industrial processes, as it pushes for full carbon neutrality by 2040.

OCP has raised 11 billion dirhams in debt from national and international banks over the first half this year, according to a prospectus published by AMMC.

The group has also been discussing, since June 2024, loans with international and national lenders exceeding $1 billion, according to the prospectus.

(Reporting by Ahmed Eljechtimi Editing by Mark Potter)