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Morocco’s fertiliser company OCP Group plans to invest $13 billion between 2023 and 2027 as part of a new green investment initiative, Morocco World News reported.
The group seeks to increase its fertiliser production capacity and achieve carbon neutrality before 2040 by boosting reliance on renewable energy, the report said, quoting Chairman and CEO Mostafa Terrab.
OCP Group is currently working to ramp up investment into solar and wind energy to power its industrial facilities by 2027, he added.
The company aims to end reliance on ammonia imports, a major component in the manufacturing of fertilisers, as it seeks to use green hydrogen to cover its ammonia needs, the report said.
(Writing by P Deol; Editing by Anoop Menon)
