Jorf Lasfar Energy Company has signed financing arrangements for $1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700 MW expansion of TAQA's Jorf Lasfar coal-fired power complex in Morocco. BNP Paribas, Societe Generale and Standard Chartered Bank are the mandated lead arrangers for the international debt facilities, while Morocco's Banque Centrale Populaire (BCP) is the mandated lead arranger for the Moroccan Dirham credit facilities, representing approximately 40% of the total debt. Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and Export-Import Bank of Korea (Korea Eximbank) will provide direct loans and loan guarantees for more than 50% of the total project debt. Jorf Lasfar is the largest coal-fired power complex in the MENA region and the first independent power producer (IPP) in Morocco. The expansion is a key infrastructure project for Morocco's energy strategy intended to meet the needs of ONEE (Office National de l'Electricite & de l'Eau Potable) and to increase the country's installed electricity generation capacity. The 700 MW expansion will bring Jorf Lasfar's gross capacity to 2,056 MW. TAQA's roots lie in the provision of power generation and water desalination capabilities in Abu Dhabi, and this has remained a key part of its business. TAQA brings world class technical and operational expertise and a proven track record in developing challenging power projects. TAQA's growing international power business is a core part of TAQA's expanding portfolio across the MENA region. The long-term debt, maturing in 2028, represents the equivalent of $1.3 billion. The medium-term debt, maturing in 2014, will amount to the equivalent of $100 million. The expansion units 5 and 6 are scheduled to be commissioned in December 2013 and April 2014 respectively. The EPC contract for the expansion was awarded to Mitsui & Co (Japan) and Daewoo Engineering & Construction (Korea) in 2010. The expansion is expected to generate 3,000 direct jobs and 2,000 indirect jobs during construction. In the long term, the new units are expected to provide 135 jobs while providing indirect employment to 1,000 people.