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Wednesday, December 4, 2013
Jorf Lasfar Energy Co. (JLEC), a power firm in Morocco owned by Abu Dhabi National Energy Co. (TAQA), has been given the green light from Moroccan market watchdog CDVM for a share sale. The company share sale is aimed at raising 1.5 billion dirhams ($176 million); it is valued at around 9 billion dirhams.
The company will sell 2.25 million new shares in the offering at 447 dirhams each, raising about 1 billion dirhams, with the sale running from December 10 to December 12. The remaining 500 million dirhams to be raised has been agreed in a private deal with Moroccan institutional investors RMA Watanya, SCR Maroc, and MCMA a statement released by the company said. JLEC hired three Moroccan banks to manage the offer – Attijariwafa bank, the local unit of France’s Societe Generale and Upline securities. The offering would be the first in Morocco since January 2012.
JLEC is committed to a heavy investment plan for its power plant at Jorf Lasfar and earlier this year TAQA sealed a $1.4 billion financing deal with Japanese and Korean banks for its Moroccan subsidiary to increase the plant’s capacity by 700 MW to 2,065 MW. The expansion of Jorf Lasfar will increase Moroccan power generation capacity by more than 10%. The company operates the largest coal-fired power plant in the Middle East and North Africa and is also the first independent power producer (IPP) in Morocco, supplying 38% of the North African country’s electricity.
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