Abu Dhabi National Energy Co. (TAQA), the state-controlled power and oil producer known as Taqa, signed a project finance loan of between $11 billion and $12 billion for its Jorf Lasfar thermal power plant in Morocco, according to four people familiar with the matter.
BNP Paribas SA (BNP), Standard Chartered Plc (STAN) and Societe Generale SA (GLE) arranged the facility, the people said, asking not to be identified because the details are private. Japan Bank for International Cooperation contributed $216 million to the deal to be used for import of equipment from Mitsui & Co., Mitsubishi Heavy Industries Ltd. (7011) and IHI Corp. (7013), they said.
Taqa, founded in 2005, owns stakes in businesses that generate power or produce oil and natural gas in the Middle East, North America, the North Sea and India. The Abu Dhabi- based company plans to spend $2.25 billion this year, Chief Executive Officer Carl Sheldon said in May.
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