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DEAL ANALYSIS: Jorf Lasfar's local expansion

10 July 2012

Read more: [taqa] [onee]

Abu Dhabi National Energy Company (TAQA) recently signed a $1.4 billion multi-currency facility to finance the $1.85 billion expansion of its Jorf Lasfar coal-fired power station in Morocco. The deal, which has yet to close, will be the biggest international project financing in Morocco for a decade and the first to combine local and international lenders in the power sector. It also attracted Japanese and Korean export credit agencies to the country for the first time, with their presence allowing the deal to reach its market-defying 16-year tenor. Jorf Lasfar highlights the robust local debt market and Morocco’s ability to withstand both the ongoing global financial crisis and political turmoil in the region. The additional 700MW facility raises the plant’s gross capacity to 2,056MW, and the expansion will account for 10% of the country’s electricity production when it comes online in 2014. The plant expansion is designed to reduce the country’s reliance...

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