(MENAFN) Abu Dhabi National Energy Company (TAQA) has secured a USD1.4 billion financing loan for its power plant in Morocco, Reuters reported.
The deal was sealed with Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and Export-Import Bank of Korea (Korea Eximbank), TAQA said in a statement.
Jorf Lasfar power project, is the largest coal-fired power plant in the Middle East and North Africa and the first independent power producer (IPP) in Morocco, supplying 40 percent of the Kingdom's electricity output, the company said.
The company added that the expansion project will boost Moroccan power generation capacity by more than 10 percent.
The expansion includes building two new units, which are scheduled to be commissioned in December 2013 and April 2014.
Construction of the plant began in September 2010, with TAQA providing interim funding. The expansion is now approximately 80 percent complete and overall costs remain within the USD1.6 billion budget.
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