Tahaddart Power Station

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In November 2001, Spanish power group ENDESA and German Siemens signed a contract with Moroccan state-owned electrical utility ONE (L'Office National d'Electricite) for the construction and operation of a Combined Cycle Gas Turbine (CCGT) power station in Tahaddart, approximately 30 km. from Tangiers, in northern Morocco. The plant, whose construction was to be carried out by Siemens, was to have a capacity of 384 megawatts and burn natural gas supplied by ONE. The plant was expected to commence commercial operations in mid-2004. The joint venture company was to invest US$360 million in the project. Four Moroccan banks signed the financing agreement in late 2002. The Moroccan state-owned utility was to purchase the plant’s total capacity and energy output for a period of 20 years through a power purchase agreement. None None