Abu Dhabi’s state-led Taqa announced 17 September it has secured an AD1.08bn ($293.8mn) bond through its Casablanca-listed Taqa Morocco subsidiary. Taqa says the issuance follows Moroccan state utility ONEE’s extension of the power purchase agreement (PPA) for Unit’s 1-4 of the Jorf Lasfar coal-fired power plant, with combined capacity of 1.356GW, for 17 years from 2017 to 2044 (MEES, 31 January). Taqa says bond placement provides “an opportunity to further optimize its capital structure” and that the PPA extension is “enhancing value by extending the company’s debt repayment profile.” Taqa says raising the total capacity of Jorf Lasfar plant to 2.056GW enables it to meet more than 40% of Morocco’s power demand. Though Morocco is making strides in growing renewables capacity (see p15), coal-fired plants supplied two-thirds of Morocco’s electricity in 2019 (MEES, 7 August). Taqa secured a $3.5bn revolving credit facility in December for general corporate purposes.