Jun 21 2012
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TAQA Completes USD 1.4 Billion Project Financing Arrangements for Jorf Lasfar Power Complex Expansion (JLEC 5&6)
Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (" TAQA "), today announced that its wholly-owned subsidiary, Jorf Lasfar Energy Company 5&6 SA, has signed financing arrangements for USD 1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700 MW expansion of TAQA 's Jorf Lasfar coal-fired power complex in Morocco.
BNP Paribas, Société Générale and Standard Chartered Bank are the mandated lead arrangers for the international debt facilities, while Morocco's Banque Centrale Populaire (BCP) is the mandated lead arranger for the Moroccan Dirham credit facilities, representing approximately 40% of the total debt. Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and Export-Import Bank of Korea (Korea Eximbank) will provide direct loans and loan guarantees for more than 50% of the total project debt. This is the first time the Japanese and Korean export credit agencies have participated in a project finance transaction in Morocco.
Jorf Lasfar is the largest coal-fired power complex in the MENA region and the first independent power producer (IPP) in Morocco. The expansion is a key infrastructure project for Morocco's energy strategy intended to meet the needs of ONEE (Office National de l'Electricité & de l'Eau Potable) and to increase the country's installed electricity generation capacity. The 700 MW expansion will bring Jorf Lasfar 's gross capacity to 2,056 MW.
Frank Perez, Executive Officer and TAQA 's Head of Power & Water said: "This announcement marks a significant milestone in TAQA 's development as a major provider of power generation in Morocco and across the MENA region. We are excited to play a crucial role in the national energy strategy of a rapidly growing country like Morocco. Despite the on-going instability in global financial markets we have successfully secured sophisticated international financing arrangements from Asian, European, and Moroccan lenders across multiple currencies totalling USD 1.4 billion equivalent. Our profile, as the sponsor, developer, and operator of this significant infrastructure project together with ONEE and the Moroccan Government's support, has undoubtedly helped secure favourable terms."
The expansion units 5 and 6 are scheduled to be commissioned in December 2013 and April 2014 respectively. The EPC contract for the expansion was awarded to Mitsui & Co (Japan) and Daewoo Engineering & Construction (Korea) in 2010. The expansion is expected to generate 3,000 direct jobs and 2,000 indirect jobs during construction. In the long term, the new units are expected to provide 135 jobs while providing indirect employment to 1,000 people.
Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA ).
TAQA 's business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.
Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA 's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.
Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA 's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.
Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.
Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi's economic vision 2030, working towards sustainable economic development.
For more information about
visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL
Contact Information for Media:
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894;
Mob +971 56 685 2717
TAQA Investor Relations, Abu Dhabi
Tel +971 2 691 4900
TAQA North Africa / Jorf Lasfar Energy Company ( JLEC ),
Tel: +212 522 977 380
© Press Release 2012
© Copyright Zawya. All Rights Reserved.
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