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Taqa this week received approval for its plans to float part of its Moroccan power venture on the Casablanca stock exchange, raising funds shortly before the completion of a major upgrade to the Jorf Lasfar coal-fired power plant.
Taqa plans to sell just over 14% of the Jorf Lasfar Energy Company (JLEC) on the stock exchange and to institutional investors in private placements. Taqa is spending $1.6bn to upgrade capacity by 700MW to 2,056MW. The two new units will come online next year.
The Abu Dhabi company in February announced it had secured financing worth $1.4bn for the expansion. The investor is convinced in the potential of Morocco’s power sector, estimating that power consumption in the Maghreb country will double by 2020, and quadruple by 2030. (CONTINUED - 248 WORDS)