Media Releases

TAQA subsidiary celebrates oversubscribed IPO, first day of trading on Casablanca Stock Exchange 24 Dec 2014
Jorf Lasfar Energy Company (JLEC) opened for trading today on the Casablanca Stock Exchange after its initial public offering (IPO) was oversubscribed 6.69 times.

Abu Dhabi, United Arab Emirates – Jorf Lasfar Energy Company (JLEC), TAQA’s Moroccan subsidiary, opened for trading today on the Casablanca Stock Exchange after its initial public offering (IPO) was oversubscribed 6.69 times.

Abdelmajid Iraqui Houssaini, CEO of JLEC was joined by Mohamed Boussaid, Morocco’s Minister of Economy and Finance, and members of the JLEC management team to celebrate the first day of trading by ringing the opening bell in Casablanca.

JLEC, which operates Morocco’s largest power complex, issued a total of 2,234,638 new shares, offered at a price of MAD 447.5 with a nominal value of MAD 100. These shares represent 9.47% of JLEC. Prior to the IPO, 4.74% were secured through private placement by Moroccan institutional investors RMA Watanya, Société Centrale de Réassurance and Mutuelle Centrale Marocaine d’Assurances. TAQA retains 85.79% of JLEC.

Carl Sheldon, TAQA’s Chief Executive Officer, said: “The great demand for JLEC shares reflects the strength of TAQA's power business in Morocco, where we are the market leader and have ambitious plans for growth. The kingdom's energy needs are expected to double in the next seven years and TAQA will continue to be a vital partner in meeting this demand."

Abdelmajid Iraqui Houssaini, Chief Executive Officer of JLEC, said: “Today's listing gives Moroccans the chance to share in the growth of the kingdom's largest power producer. With our new investor base, we are more strongly woven into the fabric of this fast-growing economy.”

TAQA has almost completed a USD 1.6 billion expansion of the Jorf Lasfar power complex, which will increase its generation capacity by 700 megawatts (MW) to 2,056 MW. Two new units are scheduled to be commissioned in 2014. When the expansion is complete, Jorf Lasfar will supply 50% of the Kingdom’s electricity.

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For further information:

TAQA Media Relations - Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States

TAQA subsidiary receives approval for Morocco listing 3 Dec 2013
Jorf Lasfar Energy Company has received approval to list on the Casablanca Stock Exchange.

Abu Dhabi, United Arab Emirates – Jorf Lasfar Energy Company (JLEC), TAQA’s wholly owned Moroccan subsidiary, has received approval to list on the Casablanca Stock Exchange.

JLEC, which operates Morocco’s largest power complex, is authorised by the Conseil Déontologique des Valeurs Mobilières (CDVM) to create a total of 2,234,638 new shares, offered at a price of MAD 447.5 with a nominal value of MAD 100. These shares represent 9.47% of JLEC and will be floated on the exchange. In addition to that, 4.74% were offered and fully subscribed through private placement to key Moroccan institutional investors prior to the initial public offering. TAQA will retain a 85.79% of JLEC.

Carl Sheldon, TAQA’s Chief Executive Officer, said: “The IPO will allow the Moroccan people and institutions to invest in their largest electricity generator. TAQA is committed to supporting Morocco’s strategy of securing the supply of energy while diversifying its fuel mix.”   

Abdelmajid Iraqui Houssaini, Chief Executive Officer of Jorf Lasfar Energy Company, said: “JLEC is the leading energy operator in Morocco and we feel that this new step will allow us to anchor our business in the Moroccan economy by opening up our capital to institutional investors."

TAQA has almost completed a USD 1.6 billion expansion of the Jorf Lasfar power complex, which will increase its generation capacity by 700 megawatts (MW) to 2,056 MW. Two new units are scheduled to be commissioned next year.

Jorf Lasfar supplied 38 per cent of the Kingdom’s electricity in 2012, and the expansion is vital to enabling national economic growth and job creation. TAQA is also developing alternative energy projects for Morocco, including wind power.

Electricity consumption in Morocco is expected to double by 2020 and quadruple by 2030.

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For further information:

TAQA Media Relations - Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. 
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry. 
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Incident AT JORF LASFAR POWER COMPLEX 29 Oct 2013
TAQA confirms that a failure occurred in a tank forming part of a chlorination unit of the Jorf Lasfar power complex in Morocco. The incident has no impact on power generation from Jorf Lasfar.

TAQA confirms that at approximately 09:30 local time a failure occurred in a tank forming part of a chlorination unit of the Jorf Lasfar power complex in Morocco.

One person working in the vicinity of the tank received minor injuries and was taken to hospital for observation.

The incident has no impact on power generation from Jorf Lasfar and there was no impact on the environment. 

A team has been formed to investigate the causes of the incident and underlying causes.

Incident in Morocco 2 Mar 2013
TAQA confirms that an individual working at the Jorf Lasfar construction site in Morocco died on Friday morning.

Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, confirms that an individual working at the Jorf Lasfar 5+6 construction site in Morocco died on Friday morning.

The deceased was an employee of Daewoo, working under contract to the Jorf Lasfar Energy Company (JLEC) site, located 130 km south of Casablanca.

“This is a very sad time for us all. I extend my profound condolences to his family, friends and colleagues,” said Carl Sheldon, Chief Executive Officer of TAQA.

The family of the deceased has been informed.

TAQA, JLEC and Daewoo are conducting investigations into the incident and regulatory and government authorities have been informed.

There is no risk to public safety.

Media contacts

Morocco
Meryem Benzakour
+212 522 977 380

Abu Dhabi
Allan Virtanen
+971 2 691 4894
allan.virtanen@taqaglobal.com

TAQA closes financing for Morocco power plant expansion 28 Jan 2013
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

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. 

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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