2023-09-14 14:05:06
THE TAQA MOROCCO GROUP IS CARRYING OUT FUNDRAISING
OF 6.6 BILLION DIRHAMS TO REPROFILE ITS DEBT IN
THE FRAMEWORK OF ITS LOW CARBON GROWTH STRATEGY
The TAQA Morocco Group announces the completion of a fundraising of 6.6 billion dirhams which allows it to reprofile the debt of the subsidiary JLEC 5&6 by 2042 and develop a portfolio of diversified low-carbon assets.TAQA Morocco announced its strategy to develop a diversified portfolio of 1000 MW of additional capacity by 2030 in low-carbon energies and water desalination.
Casablanca, MOROCCO – September 13, 2023: The TAQA Morocco Group has completed, through the subsidiary JLEC 5&6, a fundraising of 6.6 billion dirhams from Moroccan banks, with a maturity of 19 years maturing in 2042.
The operation led to the early repayment of the amount remaining due for initial project financing contracted by the subsidiary JLEC 5&6, with a consortium of international and Moroccan banks, for an amount of 3.3 billion dirhams.
This transaction makes it possible to further institutionalize its financial partners and support TAQA Morocco’s low carbon strategy. It marks the confidence of the national market in the company’s development prospects.
Abdelmajid IRAQUI HOUSSAINI, Chairman of the Management Board of TAQA Morocco: “This financial operation allows us to support our growth strategy for 2030. It concerns the development of several projects in renewable energies and also plans to position TAQA Morocco at the level of renewable energy projects. water desalination and to support the ambition of the Kingdom of Morocco for the development of combined cycle gas power plants.”
Omar ALAOUI M’HAMDI, Deputy General Director of TAQA Morocco: “This step marks a major inflection in the development of the company and the first phase of a transition which will sustainably transform the business model and capital structure of TAQA Morocco” .
Investor relations: finance@taqamorocco.ma
Relations media: laila.bouchourl@taqamorocco.ma
About TAQA Morocco (BVC: TQM)
TAQA Morocco is the first private electricity producer in Morocco. Created in 1997, the company is the result of the Kingdom of Morocco’s desire to strengthen its energy mix to provide itself with the resources necessary for its industrialization and economic growth.
TAQA Morocco operates the largest independent coal-fired thermal power plant in the Africa and Middle East region. An industrial infrastructure of 6 Units totaling 2,056 MW and ranked in the upper quartile of the best power plants in the world according to a global benchmark of thermal power plants of equivalent sizes.
Listed on the Casablanca Stock Exchange since December 2013, TAQA Morocco contributes to nearly 38% of national electricity demand for 19% of installed capacity, and is positioned as a benchmark energy operator in Morocco with the ambition to support the low carbon strategy of the Moroccan energy mix and to support the national water plan.
About TAQA
Established in 2005, TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA has significant investments in electricity and water generation, transmission and distribution assets, as well as upstream and mid-value chain oil and gas activities. The Company’s assets are located in the United Arab Emirates as well as Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, Saudi Arabia, the United Kingdom and the United States. TAQA is a shareholder of Abu Dhabi Future Energy Company (Masdar).
Abu Dhabi National Energy Company (TAQA) Subsidiary
TAQA Morocco • Head office: Km 23, Secondary road 301
Moulay Abdellah commune – El jadida province – Jorf Thermal Power Plant
Lasfar – BP99 – Sidi Bouzid – El Jadida – Morocco
Tel : +212 523 380 000 – Fax : +212 523 345 375
Contact : finance@taqamorocco.ma
1694702593
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