ADWEA - Jorf Lasfar IPP

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Abu Dhabi National Energy Company (TAQA), a subsidiary of Abu Dhabi Water and Electricity Authority(ADWEA) — wholly-owned by the Abu Dhabi government — closed the financing of a coal-fired power plant with a capacity of 700 MW in the Jorf Lasfar district in southwest of Casablanca, Morocco. The EPC contract was awarded to Mitsui and Daewoo, valued at US$1.1 billion for phase 5 and 6 of the Jorf Lasfar. The Japan Bank For International Cooperation portion was confinanced by the Tokyo branches of mandated lead arrangers BNP Paribas, Standard Chartered Bank, and Societe Generale CIB. JBIC was to lend $216 million out of a total cofinanced portion of $360 million with the three MLAs. Nippon Export and Investment Insurance (NEXI) was to provide buyer's credit insurance for the cofinanced portion and was set to guarantee a separate tranche of $150 million. The electricity produced by the project would be sold to the state utiltiy ONE under a 30 year PPA The Export-Import Bank of Korea (Kexim) is expected to provide a direct loan of $200 million, and guarantee a further tranche of $150 million. There are also two additional unsecured commercial tranches of $100 million each. Local bank participation, denominated in Moroccan dirhams and led by Banque Centrale Populaire, amounts to approximately $500 million, or 40% of the total debt. Financial advisers were Lazard and Banque Marocaine du Commerce Enxterieur. Taqa was advised by BNP Paribas, Allen & Overy. ONE was advised by Chadbourne & Parke. The lenders received legal advice from Linklaters.