Monday, October 19

This year TAQA Group declares one of Morocco’s largest private bond placements

TAQA group or company (Abu Dhabi National Energy Company PJSC) announced one of Morocco’s greatest private bond positions this year. TAQA is expecting to hold up the company’s position in the market, where TAQA Morocco generates power to meet over 40% of the country’s energy demand, working about 18 million people. It is one of the largest power plants in the MENA region.

The transaction was carried through TAQA Morocco’s finalization of bond issuance by a private placement for AED 1.08 billion (USD 293.8 million). It was branch out by TAQA Morocco’s funding.

The investors overenrolled the bond position which indicates the business with an opportunity to enhance the primary structure and value for its stakeholders.

The event resulted in a reduction in debt cost of more than 20% and expected to increase in its debt culture by 11 years, to March 2038.

Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA Group mentioned “Our bond situation in Morocco underscores the important role that our Production business plays in our global growth strategy. As a regionally leading, fully integrated utility champion, TAQA remains a committed utility partner in Morocco through a proven track record of meeting an important portion of the country’s power demand. Through our scale, agility, and economic strength, TAQA will continue to drive smart, careful growth, growing on our being global portfolio and steering the Group towards opportunities that will drive value creation for our shareholders, business partners, customers, and the communities we serve.”

TAQA Group’s bond placements attend the completion of the company’s successful business with Abu Dhabi Power Corporation (ADPower) on 1st July 2020. The group produced one of the top listed companies in the UAE by market capitalization and a top-10 utility member in the EMEA region by fixed assets.

The Power Purchase Agreement (PPA) between TAQA Morocco and the electricity off-taker, Eau Potable (ONEE) was extended by the bond insurance for an additional 17 years in respect to Units 1-4 of its JorfLasfar Power Plant by which the amount is increasing by developing the company’s debt repayment profile.


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