TAQA CLOSES FINANCING FOR MOROCCO POWER PLANT EXPANSION

     (The following press release from Abu Dhabi National Energy was received 
by e-mail. The sender verified the statement.)                                   
January 28, 2013, Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy
Company PJSC (TAQA) has signed final agreements marking the close of the USD 1.4
billion equivalent project financing for the expansion of the Jorf Lasfar power
plant in Morocco. 
Jorf Lasfar is already the largest coal-fired power plant in the Middle East and
North Africa and the first independent power producer (IPP) in Morocco,
supplying 40 per cent of the Kingdom's electricity output. The expansion project
will increase its capacity by 700 megawatts (MW) to 2,056 MW. 
The protocol agreement for the expansion was signed in 2009 by TAQA and Office
National de l'Electricité et de l'Eau Potable (ONEE) in the presence of His
Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi
and Deputy Supreme Commander of the UAE Armed Forces, and His Highness King
Mohammed VI of Morocco. 
His Excellency Abdulla Saif Al-Nuaimi, Vice Chairman of TAQA, said: "This
expansion project is a continuation of our commitment to Morocco, delivering
critical national infrastructure and power to a growing economy. TAQA's
commitment to meet Morocco's energy needs was not conditional on financing, as
the project is already 80 per cent complete. But this financing shows that, for
the right deal with the right structure, significant non-recourse funds can be
attracted to the Middle East and North Africa at competitive rates." 
This is the largest international project financing in Morocco in over a decade
and the first time Japanese and Korean export credit agencies have participated
in Moroccan project finance. 
Carl Sheldon, Chief Executive Officer of TAQA, said: "This is a landmark deal
for Morocco and the region which has set a gold standard for financing large
-scale infrastructure projects." 
Majid Iraqui, Managing Director for TAQA in North Africa, said: "The expansion
of Jorf Lasfar will increase Moroccan power generation capacity by more than 10
per cent and is vital to enabling growth and creating jobs in the economy.
Construction is well advanced thanks to the strong support of the Moroccan
government and the ONEE." 
The engineering, procurement and construction (EPC) contract for units 5 and 6
was awarded to Mitsui & Co (Japan) and Daewoo Engineering & Construction (Korea)
in 2010. Separate EPC contracts for two coal unloaders and upgrades to the coal
conveyors at the port of Jorf Lasfar were awarded to Cargotec (Sweden) and China
Harbour Engineering Company in 2011. Construction work began in September 2010,
with TAQA providing interim funding. The expansion is now approximately 80 per
cent complete and overall costs remain within the USD 1.6 billion budget. The
two new units are scheduled to be commissioned in December 2013 and April 2014. 
The lenders are providing financing for approximately 75% of the total project
costs while TAQA is committing approximately USD 400 million of equity funding.
The 16-year, multi-currency non-recourse debt, maturing in 2028, represents the
equivalent of approximately USD 1.3 billion. Working capital and VAT facilities
amount to the equivalent of approximately USD 100 million. 
Banque Centrale Populaire (BCP), BNP Paribas, Société Générale and Standard
Chartered Bank are the mandated lead arrangers for the credit facilities. Japan
Bank for International Cooperation (JBIC), Nippon Export and Investment
Insurance (NEXI) and Export-Import Bank of Korea (Korea Eximbank) are providing
direct loans and loan guarantees for more than 50% of the total project debt. 
- ENDS - 
Contact Information for Media: 
Abu Dhabi 
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195 
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com 
About TAQA 
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. 
TAQA's vision is to deliver 'Energy for Growth': growth within the business;
social and economic progress in the communities where TAQA operates; and
increased value for our shareholders. 
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 TAQA visit: www.taqaglobal.com or Twitter:
@TAQAGLOBAL 
Arabic Press Release - TAQA closes financing for Morocco power plant expansion
ARA(http://mb.cision.com/Public/3985/9362068/9c4c315304692e62.docx)
 
 
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