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TAQA to Invest $2.5 Billion in Morocco and Tunisia
ABU DHABI - The Abu Dhabi National Energy Company, or TAQA, will invest $2.5 billion into three electric power plants in Morocco and Tunisia over the next four years, a senior official said on Monday.
TAQA Managing Director for North Africa and Middle East Majid Iraqui told Khaleej Times that construction of the projects will begin sometime this year, while commercial operations will commence in 2012 and 2013, respectively.
The company is set to sign an agreement with the Morocco government to upgrade the Jore Lasfer Power Plant.
TAQA is also preparing its bid for a 300-megawatt wind farm in Tarfaya in Morocco, in partnership with Spanish energy giant Iberdrola Ingenieria Construccion.
The third project, currently in prequalification stage, is a combined cycle gas power plant in Bizeerte, Tunisa, designed to generate 500 megawatts of electricity.
Iraqui said that TAQA has enough surplus cash to finance the equity component of its planned projects this year. And with an AA rating and strong support of the host countries, financing will not be too difficult for TAQA.
He added that the company recently obtained an 18-year, $1 billion credit from Moroccan banks for its Jore Lasfer project.
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