Morocco's fertiliser major OCP to raise $540mn to fund green industrial expansion

Morocco's state-owned phosphate major OCP Group is preparing to raise up to MAD 5bn ($540mn) through a perpetual subordinated bond issuance, MAP reported on June 7.

The bond issuance aims at financing the second phase of its industrial, energy, and environmental transformation strategy.

The bond programme, approved by the Moroccan Capital Market Authority, will be open exclusively to qualified domestic institutional investors between June 11 and June 15, 2026. CDG Capital and Attijariwafa Bank are serving as financial advisers, with CDG Capital and Attijariwafa Bank overseeing the placement of the securities. The fundraising comes after a challenging start to 2026, with OCP reporting Q1 revenues of MAD 20.1bn, down from MAD 21.6bn in the same period a year earlier, amid higher raw material costs and ongoing volatility in global fertiliser markets.

The proceeds will support a new investment cycle centred on expanding production capacity from 16mn to 19mn tonnes annually by 2027, with a new phosphate mine in Meskala and a major industrial platform in Mzinda among the flagship developments. OCP is also pursuing a sweeping energy transition, aiming to use solar, wind, and cogeneration to power its operations. A centrepiece of this effort is a green ammonia complex in Tarfaya with an annual capacity of 1mn tonnes, backed by a 4.4GW renewable energy platform.

Water self-sufficiency through expanded desalination infrastructure forms another pillar of the strategy. OCP estimates its broader investment programme could support the creation of around 600 companies across energy, agriculture, and industrial sectors, generating approximately 25,000 jobs.