OCP, Morocco’s state-owned phosphate and fertiliser giant, is looking to raise up to 5bn dirhams from investors as it pushes ahead with a major programme focused on clean energy, water security and green industrial projects.
The Moroccan Capital Market Authority (AMMC) approved the bond issue on 4 June. Investors will be able to subscribe between 11 and 15 June.
The fundraising will be split into four tranches of 1.25bn dirhams each. The bonds are perpetual, meaning they do not have a fixed repayment date. However, OCP can buy them back early under certain conditions.
The bonds will offer initial interest rates ranging from 2.87% to 4.82%, depending on the tranche selected by investors. A mechanism built into the bonds allows interest rates to rise over time, creating an incentive for OCP to repay them earlier.
The move comes as the group reports another year of strong growth.
OCP’s revenue reached 113.94bn dirhams in 2025, up from 96.98bn dirhams a year earlier. EBITDA rose to 43.19bn dirhams, while net profit reached 20.9bn dirhams.
The company said demand remained strong for its higher-value fertiliser products. Exports of Triple Superphosphate fertiliser increased by 48% and represented 30% of total fertiliser sales, driven largely by demand from India and other South Asian markets.
The new financing will help support OCP’s 130bn dirham Green Investment Programme covering the period from 2023 to 2027.
The group aims to reach net zero carbon emissions before 2040. It also plans to run its industrial operations entirely on renewable energy and desalinated seawater.
OCP is investing heavily in green ammonia production as part of efforts to reduce its dependence on imported ammonia, a key ingredient used in fertiliser manufacturing.
The programme will help support 600 Moroccan industrial firms, achieve a local sourcing rate of 70% and create around 25,000 direct and indirect jobs.
The bond sale follows OCP’s successful $1.75bn international bond issue completed in April 2025, highlighting the group’s ability to raise money from both global and domestic investors as it finances its long-term growth plans.
