Early Warning System

Regions

Middle East and North Africa

Geographic location where the impacts of the investment may be experienced.

Countries

Morocco

Geographic location where the impacts of the investment may be experienced.

Specific Location

Tan-Tan Province in the region of Guelmim-Oued Noun, in southwestern Morocco

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

US International Development Finance Corporation (DFC)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Borrower

Sondiale SA

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Industry and Trade
Mining

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 4.72 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Loan Amount (USD)

$ 4.72 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Project Cost (USD)

$ 9.44 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Bank Documents

Project Disclosure

Primary Source

Original disclosure @ DFC website

Updated in EWS Oct 5, 2026

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the US DFC,the project consists of a pre-investment Project Development ("PD") funding in the amount of Four Million Seven Hundred and Twenty Thousand U.S. Dollars ($4,720,000) that will be provided as a reimbursable grant from DFC to Sondiale SA, a special purpose company planning to build a large polysilicon production facility. The PD funds will fund pre-investment project development workstreams necessary to prepare for DFC's potential long-term debt underwriting of the Project to develop, build, own, and operate a 30,000 metric ton (MT) polysilicon production facility. This facility will support industries reliant on high-purity polysilicon, including the photovoltaic and semiconductor industries worldwide.

The work will take place over approximately 12 months and will be largely conducted on site in the Tan-Tan Province in the region of Guelmim-Oued Noun, in southwestern Morocco. DFC support for the Project would reduce the dependence of regional supply chains on long-standing and dominant Chinese polysilicon suppliers.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

US International Development Finance Corporation (DFC)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, GPM Holding SA operates as a holding company. The Company, through its subsidiaries, operates as a renewable energy company. According to its website, GPM Holding SA is a Morocco-based clean-energy and industrial platform specializing in the construction, ownership and operation of real assets across the entire renewable energy value chain.

The group operates across five complementary verticals: utility-scale solar power generation, solar panel manufacturing, advanced materials (polysilicon), solar services and maintenance, and clean-energy mobility solutions.

Sondiale is one of the projects in the company's portfolio.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	GPM Holding SA	Client	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts provided at the time of disclosure.

Promoter - GPM Holding SA:

Phone: +212 539 945 952
Email: info@gp-maroc.ma
Address: Corner of Oujda Avenue and Tan-Tan Residence, Perla Offices, 12th Floor, Office No. 60, Tangier

ACCESS TO INFORMATION

Unlike many other development finance institutions, DFC does not currently have an access to information policy.

Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia

ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)

The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.

You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability