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Rabat – Morocco’s phosphate giant OCP Group is preparing to raise up to MAD 5 billion ($540 million) through a perpetual subordinated bond issuance, a financing operation aimed at supporting the second phase of its ambitious industrial, energy, and environmental transformation strategy.
The bond program, approved by the Moroccan Capital Market Authority (AMMC), will be open exclusively to qualified Moroccan institutional investors from June 11 to June 15. OCP has appointed CDG Capital and Attijari Finances Corp as financial advisors for the transaction, while CDG Capital and Attijariwafa Bank will oversee the placement of the securities.
The fundraising comes as OCP enters a new investment cycle focused on expanding production capacity, accelerating renewable energy deployment, and strengthening water security. The group aims to reinforce its position as a global leader in sustainable plant nutrition solutions while supporting Morocco’s broader green transition ambitions.
The planned issuance follows a challenging start to 2026. OCP reported revenues of MAD 20.1 billion ($2.17 billion) during the first quarter, compared to MAD 21.6 billion ($ 2.33 billion) during the same period a year earlier, amid higher raw material costs and continued volatility in global fertilizer markets.
Since launching a major modernization program in 2008, OCP has invested heavily in industrial infrastructure, mining operations, and logistics networks. Having completed a first phase focused on strengthening operational efficiency and competitiveness, the group is now shifting toward large-scale projects in mining, renewable energy, desalination, and green technologies.
A key objective of this second phase is to increase OCP’s annual production capacity for plant nutrition solutions from 16 million tonnes to 19 million tonnes by 2027. The expansion will be supported by the development of a new phosphate mine in Meskala and the construction of a major industrial platform in Mzinda.
Beyond production growth, OCP is pursuing a profound transformation of its energy model. The group plans to power its industrial operations through a combination of solar, wind, and cogeneration energy sources, reducing its carbon footprint and increasing energy independence.
Water security has also become a central pillar of the company’s strategy. OCP is expanding its desalination infrastructure to achieve water self-sufficiency for industrial activities while contributing to the supply of surrounding communities in water-stressed regions.
One of the most strategic components of the transformation plan is the development of green ammonia production, a critical ingredient in fertilizer manufacturing. By producing green ammonia domestically, OCP aims to reduce dependence on imports and secure long-term supply chains.
At the heart of this effort is a major project in Tarfaya, where the group is building a green ammonia complex with an annual production capacity of one million tonnes. The facility will be powered by a 4.4-gigawatt solar and wind energy platform, positioning Morocco among emerging players in the global green hydrogen and green ammonia industries.
OCP’s investment strategy also seeks to stimulate the emergence of a broader green industrial ecosystem. The group estimates that its projects could support the creation of around 600 companies operating in energy, agriculture, and industrial sectors, generating approximately 25,000 direct and indirect jobs.
Several large-scale projects are already advancing across Morocco. In Meskala, studies continue to support new mining developments, while Mzinda is set to host a mining and chemical complex designed to process phosphate resources from Benguerir and Youssoufia. Expansion programs are also underway in Khouribga, Gantour, and Boucraâ, including new mining facilities, washing units, and port infrastructure.
The planned MAD 5 billion ($ 540 million) bond issuance underscores OCP’s determination to finance one of the most significant industrial and energy transitions in its history. As the group pursues greater sustainability, economic sovereignty, and global competitiveness, the investment program is expected to play a central role in advancing Morocco’s green economy ambitions.
