Abu Dhabi National Energy Company's wholly-owned subsidiary, Jorf Lasfar Energy Company, has entered into financing arrangements to fund the expansion of its 700MW Jorf Lasfar coal-fired power complex in Morocco.
The expansion of the coal-fired power complex will increase its gross capacity to 2,056MW and will enable it to meet the needs of drinking water supplier Office National de l'Electricité & de l'Eau Potable (ONEE).
BNP Paribas, Société Générale and Standard Chartered Bank are the mandated lead arrangers for the international debt facilities, while Morocco's Banque Centrale Populaire is the mandated lead arranger for the Moroccan Dirham credit facilities, representing approximately 40% of the total debt.
The value of the finance agreement is $1.4bn.
Japan Bank for International Cooperation, Nippon Export and Investment Insurance and Export-Import Bank of Korea will provide direct loans and loan guarantees for more than 50% of the total project debt.
The expansion of units five and six will be commissioned in December 2013 and April 2014 respectively.