OCP secures US$395M green finance deal with Italy’s SACE to drive clean energy
The deal, arranged by BNP Paribas and Crédit Agricole Corporate and Investment Bank (CIB), will fund key components of OCP’s US$13 billion Green Investment Program running through 2027
MOROCCO – Moroccan fertilizer leader OCP Group has signed a landmark €365 million (US$395 million) agreement with Italy’s export credit agency SACE, marking the first transaction under OCP’s Green Finance Framework and the first SACE Push Strategy guarantee in Morocco.
The deal, arranged by BNP Paribas and Crédit Agricole Corporate and Investment Bank (CIB), will fund key components of OCP’s US$13 billion Green Investment Program running through 2027.
In a statement released on May 27, OCP Group said the agreement represents a “historic dual first,” aligning with its bold commitment to sustainability, innovation, and global partnerships.
Backed by SACE’s Push Strategy, an initiative designed to help Italian businesses expand into international markets, the financing will allow OCP to source Italian technology and services to support its green infrastructure.
The €365 million loan will contribute significantly to OCP’s long-term ambitions: achieving 100% non-conventional water use and 100% clean energy by 2027.
Key goals include installing a desalination capacity of 560 million cubic meters per year and ensuring complete water autonomy for its industrial operations as early as 2025.
“This strategic partnership reinforces OCP’s leadership in sustainable plant nutrition solutions. By securing this facility, we are accelerating our transition towards 100% clean energy and 100% non-conventional water,” said OCP Chief Financial Officer Karim Lotfi Senhadji.
Italian ambassador to Morocco, Armando Bucacco, praised the agreement as a major step in deepening bilateral industrial cooperation.
“This strategic partnership not only fosters collaboration across multiple sectors but also reinforces a strong foundation for bilateral trade and investment,” he said.
SACE’s Chief International Officer, Michal Ron, emphasized the alignment of the deal with Italy’s Mattei Plan, a strategic initiative to boost ties with African countries.
“This initiative supports ‘Made in Italy’ while reinforcing our commercial ties with Africa in critical sectors like infrastructure, renewables, and industrial machinery,” Ron noted.
Abdelmadjid Fassi Fihri, Head of Corporate and Institutional Banking (CIB) Africa at BNP Paribas and CEO of its Casablanca Finance City branch, described the deal as a prime example of international collaboration. “This transaction leveraged the expertise of our teams in Casablanca, Milan, and Paris to deliver state-of-the-art cross-border structured financing.”
On his part, Andre Gazal, Crédit Agricole CIB’s Global Head of ECA & Multilateral Financing Solutions, noted that OCP entrusted them with structuring this financing to serve their strategic capital expenditure plans, a reflection of the strong partnership they have built with OCP over the years.
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