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Abu Dhabi National Energy Company (TAQA) has signed a US$1.4 billion financing deal to expand its coal-fired power plant in Morocco
According to TAQA, the 16-year, multi-currency project financing will be aimed at raising the Jorf Lasfar plant's gross production capacity by 700MW to 2,056MW.
"North African states have offered the company opportunities for new power and water projects," TAQA chief executive Carl Sheldon said in an interview with Reuters.
Jorf Lasfar Power Complex is the largest coal-fired power plant in the Middle East and North Africa region (MENA), and Morocco's first independent power producer.
BNP Paribas, Societe Generale and Standard Chartered have arranged the international funding.
Morocco's Banque Centrale Populaire has organised the Moroccan credit facilities, which will represent about 40 per cent of the total debt being raised.
Direct loans and guarantees from Asian export credit agencies and other financial institutions will provide for more than 50 per cent of the total project debt, TAQA said.
The Jorf Lasfar power project is 100 per cent owned by the Abu Dhabi oil explorer and power supplier.