Abu Dhabi National Energy Co , the state-owned firm which recently bought some of BP's North Sea assets, sealed a $1.4 billion financing for the expansion of its power plant in Morocco.
Jorf Lasfar is 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, TAQA said in a statement.
The financing is the largest in over a decade for an international project in Morocco with Japanese and Korean export credit agencies participating for the first time in Moroccan project finance, the utility and energy firm said.
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 percent of the total project debt.
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