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Abu Dhabi National Energy Company PJSC (TAQA) has been named winner of two awards in recognition of its contribution to financing energy infrastructure in Africa at the 14th Project Finance Magazine Awards event in London.
TAQA received the awards for:
Project Finance Power Deal of the Year – Africa 2012;
Project Finance Sponsor of the Year – Africa 2012
Project Finance magazine’s Deal of the Year Awards recognise the best deals annually and are among the most prestigious awards in the finance industry. The awards are vetted by Project Finance Magazine journalists and independent industry contacts. On average, 300-350 deals are entered for the awards every year.
Stephen Kersley, TAQA’s Chief Financial Officer, said: “Last year was an exciting one for TAQA and for the project teams in particular as we continue to support the expansion of our global portfolio. We are honoured that our peers have recognised TAQA for these two landmark project finance achievements which could not of been accomplished without the support of the Abu Dhabi government, the host governments and our valued partners.”
TAQA was awarded the ‘Project Finance Power Deal of the Year Award – Africa 2012’ for its USD 1.4 billion,16-year multi-currency non-recourse project financing for expanding the Jorf Lasfar power plant in Morocco. This was the largest international project financing in Morocco in over a decade. The loans for the expansion marked the first time that Japanese and Korean export credit agencies have participated in a Moroccan financing.
Jorf Lasfar already supplies 40 per cent of Morocco’s electricity output and the expansion project will further increase the power plant’s capacity by 50 per cent. TAQA and ONEE, the Moroccan utility, signed the first protocol agreement for the expansion in May 2009. Construction began in September 2010 and the two new units are scheduled to be commissioned in December 2013 and April 2014.
Project Finance also named TAQA ‘Project Sponsor of the Year – Africa 2012’ for the first project financing in Ghana. TAQA raised USD 330 million for expanding its Takoradi 2 power plant. Takoradi 2, the first Independent Power Project in Ghana, is a joint venture between TAQA (90%) and Ghanaian utility Volta River Authority (VRA) (10%). The project currently represents approximately 15% of Ghana’s installed capacity.
The expansion involves converting the existing 220 MW gas-fired plant into a combined cycle unit, increasing its output to 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing carbon dioxide emissions. The plant was recently converted from primarily an oil-fired plant to one fuelled by natural gas as part of a considered effort within Ghana’s power generation industry towards cleaner-burning fuel. The expansion is scheduled for commissioning in 2015.
Frank Perez, Executive Officer and Head of Power & Water, said: “We are proud of this recognition of our achievements in developing and operating key national infrastructure in Africa. These deals prove that sophisticated international financing can be attracted at very competitive rates to a market that has a quality sponsor, with strong host government support and a good contractual framework. Our operational excellence and the vital role the Jorf Lasfar and Takoradi 2 power plants have played in delivering a reliable source of electricity to the population with an excellent safety record were key to TAQA being selected for these prestigious accolades.”
TAQA is the largest independent power producer in the Middle East North Africa region, with power operations in seven countries and a total gross power generation capacity of 15,413 MW .
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