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"TAQA" Morocco extends the contract of the Jorf Lasfar power plant for an additional 17 years 26 Jan 2020

CASABLANCA: TAQA Morocco, a publicly listed company on the Casablanca Stock Exchange, signed on January 24, 2020 with Morocco's National Office for Electricity and Drinking Water (ONEE) to extend the Power Purchase Agreement of the Jorf Lasfar Units 1- 4 for 17 years from 2027 to 2044. 

The Jorf Lasfar thermal power plant totals an overall capacity of 2,056 megawatts, helping to meet more than 40 percent of Morocco’s electricity needs. Bringing together these contracts will continue to allow TAQA Morocco to further support Morocco’s growing economy through the reliable and secure supply of electricity.

 “We are proud to be a reliable and strategic partner to the Moroccan government. Our investment in Morocco further underscores our commitment to investing in and deploying best-in-class solutions across our business,” said H.E. Saeed Mubarak Al Hajeri, Chairman of Abu Dhabi National Energy Company - TAQA.

“The extension of the PPA in Morocco speaks to the strong expertise and technical capabilities of our in-country team and will allow us to build upon our successes in Morocco as we continue to explore opportunities across our power and water business,” said Saeed Hamad Al Dhaheri, CEO Abu Dhabi National Energy Company - TAQA.

 

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About TAQA Morocco

A leading energy player in Africa and the Middle East, TAQA Morocco operates the Jorf Lasfar thermal power plant. The industrial infrastructure of six units total 2,056 megawatts and rank in the top quartile of the most efficient power plants in the world.

The company, listed on the Casablanca Stock Exchange (CSE: TQM), is part of the TAQA PJSC Group, which allows TAQA to position itself on the frontline to become a privileged partner for the energy development in Africa.

TAQA Morocco is also committed to CSR, pursuing an active policy for social commitment and sustainable development, including the responsible management of its assets to maintain the highest of environmental and safety standards.

About TAQA Group

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 has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in the United Arab Emirates, Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, Netherlands, the United Kingdom and the United States.