The German company agreed to take a 20 per cent stake in TEC’s $62.5 million capital, although it had initially pushed for 25 per cent. Endesa will have 32 per cent and ONE will hold 48 per cent. Electricite de Francehad originally been selected to take a 30 per cent equity stake in the project, but withdrew from the deal in early 2000 (MEED 23:3:00).
Financing for the 384-MW combined cycle plant has yet to be arranged. ONE is understood to be aiming to achieve financial close towards the end of next year. The financial model has been drawn up by BNP Paribas. Once the financing is arranged, the engineering, procurement and construction (EPC) and operation and management contracts will be signed with Siemens Power Generation, the nominated contractor.
The plant will be situated on the northern Atlantic coast near Asilah and is expected to take 25 months to build. The electricity produced will be bought exclusively by ONE for the national grid.