Taqa wins $1.2bn power plants deal in Morocco

by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 12 May 2009

TAQA DEAL: Two 350-megawatt power plants to be built in Morocco, according to state news agency. (Getty Images)

Government-run Abu Dhabi National Energy Co has sealed a 10 billion dirhams ($1.22 billion) deal to build two power stations in Morocco, the North African country's state news agency MAP said on Tuesday.

Taqa is 75 percent-owned by the government of Abu Dhabi.

Under the deal, Taqa would design, finance, build and run the two 350-megawatt power plants at Jorf Lasfar, Morocco's phosphate hub where the Abu Dhabi company operates four 330-kilowat power stations, MAP said.

Story continues below ↓

King Mohammed of Morocco and Abu Dhabi Crown Prince Mohamed bin Zayed al-Nahayan attended the signing ceremony betweeen Taqa and Morocco's utility Office National d'Electricite (ONE) at the king's palace in Fes, it added.

In March, Taqa said it planned to invest $2.5 billion in North Afrcia this year, including expanding its generating capacity in Jorf Lasfar.

The UAE is the world's fifth-largest oil exporter and expansion abroad is part of its drive to use record oil revenues to diversify both its assets and economy away from oil. (Reuters)