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TAQA-ONEE: Extension of the electric power supply contract

ONEE and TAQA Morocco signed on January 24, 2020, in the presence of the Minister of Economy, Finance and Administration Reform, Mohamed Benchaaboun and the Minister of Energy, Mines and the Environment, Aziz Rabbah, the extension of the electrical energy supply contract of Units 1 to 4 until 2044 to align it with the duration of that of Units 5 & 6 of the Jorf Lasfar Thermal Complex.

This extension is part of the Memorandum of Understanding concluded between the two parties on May 12, 2009 concerning the terms of development of Units 5 & 6. The alignment of these two units will allow the pursuit of operational synergies between the six Units and capitalize on the technical know-how of the teams to continue to guarantee a competitive base load and contribute to the energy security of the Kingdom. TAQA Morocco has demonstrated, over the past two decades of operation of the Jorf Lasfar Thermal Complex, operator expertise recognized among the world’s best power plants of equivalent size and technology.

The alignment of these two contracts will consolidate TAQA Morocco’s investment capacities in renewable energies, in particular to support Morocco’s energy transition and development in Africa.

“The alignment of the two electricity supply contracts consolidates the robustness of TAQA Morocco’s business model. It reinforces a long-term visibility of the business plan to start a new stage of development of TAQA Morocco in terms of diversification on the energy mix and on the continent”, said Abdelmajid Iraqui Houssaini, Chairman of the Executive Board of TAQA Morocco.

“We are confident that this operation will consolidate and reinforce TAQA Morocco’s current performance by providing the necessary investments and above all will lead the company to a new level of development. Diversifying our portfolio of assets towards renewable energies is a strategic priority for the TAQA PJSC Group” said H.E. Khaleefa Ali Mohamed Abdulla Alqamzi, Chairman of the Supervisory Board of TAQA Morocco.

A leading energy player, TAQA Morocco operates at the Jorf Lasfar Thermal Complex, an industrial infrastructure of 6 Units totaling 2,056 MW and ranked in the top quartile of the most efficient coal-fired power plants in the world. Listed on the Casablanca Stock Exchange since December 2013, TAQA Morocco is part of the TAQA Group, an affiliation which enables it to position itself on the front line to become a privileged partner in the energy development of Morocco and Africa.

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