Friday , January 15 2021

What is the value of the Tahaddart Thermal Power Station?



With La Mamounia, the Tahaddart power plant (near Asilah) will be privatized in 2019. Since its inception in 2005, it has shown good financial health and steadily increasing profits over the last 10 years. It covers 7% of national electricity consumption. The details.

Since Board of Governors of November 8, we now know the list of companies that are proposed for privatization in 2019. The last word will return to parliament, as this privatization is done through a bill whose project was shelved.

The objective is to replenish the public coffers, following the budgetary effort made in favor of the social sectors in the context of the PLF 2019.

One such company is the Tahaddart Thermal Power Plant, located not far from Asilah. The first combined cycle (gas / steam) plant in Morocco, this unit is distinguished by its energy and environmental performance which allows it to provide a power of 384 MW. Operating with natural gas, it releases six times less nitrogen oxide and one third less CO2 than a conventional plant.

Inaugurated in 2005 by King Mohammed VI and former King of Spain Juan Carlos, the Tahaddart an investment of 3.1 billion dirhams. It is operated and maintained by the Moroccan company Energie Electrique de Tahaddart (EET), which includes ONEE (48%), Spain's Endesa Generacion (32%) and Germany's Siemens Project Ventures (20%).

In the context of its likely privatization in 2019, it is still unclear whether the state intends to sell part or all of its share in the TSE. What is certain, on the other hand, is that the potential buyer will certainly make a good deal in terms of EET financial indicators (the latest data is from the end of 2016).

Net income of more than 200 MDH in 2016

With a capital of 750.4 MDH, the Moroccan company Energie Electrique de Tahaddart achieved in 2016 a turnover of 605.5 MDH, for a net result of 204 MDH, almost double that of 2006.

Justifying a good financial balance, the TSE owns equity of 1.04 MMHD, with a debt of 301 MDH (medium and long term). Interestingly, its balance sheet totals 1.4 billion dirhams, including 1.1 billion dirhams of intangible assets (patents, trademarks, rights and similar securities).

At the end of 2017, the Tahaddart plant produced around 2,626 Gwh, accounting for 7% of national electricity consumption, according to the report on publicly traded companies and companies, following the 2014 PLF.

EET delivers all its production to ONEE through a concession contract which expires in 2025. In this sense, the future buyer will have to receive guarantees from the State regarding the renewal of this contract, whose clauses could be renegotiated …

>>Read also: Hotel La Mamounia: But why privatize one of the jewels of Morocco?


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