TAQA Morocco, JBIC sign MoU to finance energy and infrastructure projects through 2030

TAQA Morocco (CSE: TQM) has signed a memorandum of understanding (MoU) with the Japan Bank for International Cooperation (JBIC) to explore financing opportunities for a pipeline of future projects in the energy, water and infrastructure sectors planned through 2030, Al Arabiya Business reported on January 25.

TAQA is the leading private electricity producer in Morocco, operating the Jorf Lasfar thermal plant, which generates approximately 38% of the country's electricity needs.

The MoU will help TAQA Morocco’s strategy to diversify its activities and accelerate its transition toward a low-carbon economy, in line with Morocco’s national roadmap for sustainable development. Under the agreement, both parties will examine flexible and competitive financing mechanisms aimed at fast-tracking projects with significant economic and strategic impact at the national level.

Hiroyuki Suzuki, General Manager of JBIC’s New Energy and Power Finance Department, said the cooperation would also support Japanese companies operating in Morocco and strengthen the bank’s regional strategy on energy security in the MENA region. He added that the partnership would help deliver innovative and sustainable energy solutions across the region.

Abdelmajid Iraqi Houssaini, Chairman of TAQA Morocco, said the group is committed to sustainable energy transition by reducing carbon emissions from power generation and supporting national energy and environmental strategies.

He noted that JBIC’s participation brings added value, given the bank’s experience in structuring and financing large, multi-source projects, citing the $1.4bn financing of units 5 and 6 at the Jorf Lasfar power complex as an example of the partnership’s potential to deliver major strategic projects.