International venture secures financing for Moroccan power plant
Spanish power group Endesa, Moroccan electrical utility ONE (L'Office National d'Electricité) and German technology giant Siemens have raised €214 million ($221 million) out of the $284 million total financing required for their joint venture power project in Morocco.
Four Moroccan and French banks have signed the financing agreement that provides for the construction of a Combined Cycle Gas Turbine (CCGT) power station in Tahaddart, some 30 kilometer from Tangiers, in northern Morocco.
The plant, whose construction will be carried out by Siemens, will have a capacity of 384 megawatts and will burn natural gas supplied by ONE. The Moroccan state-owned utility will also guarantee the purchase of the plant's total capacity and energy output for a period of 20 years.
In late November 2001, the Moroccan government awarded the construction and the operating rights of the Tahaddart plant to a joint venture, whose shareholders are ONE (48 percent), ENDESA (32 percent) and Siemens (20 percent). — (menareport.com)
© 2002 Mena Report (www.menareport.com)