At 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 growing profits over the past 10 years. It covers 7% of national electricity consumption. Details.
From The Governing Council on November 8, we now know the list of companies that are proposed for privatization in 2019. The last word will return to the parliament, because privatization takes place through a bill whose draft was submitted.
The goal is to supplement the state coffers after the budgetary effort for the benefit of social sectors in the context of PLF 2019.
One of these companies is the Tahaddart thermal power plant, located near Asilah. The first plant in the combined cycle (gas / steam) in Morocco is a device distinguished in terms of energy and environmental, which allows it to obtain 384 MW. Operating on natural gas, it releases 6 times less nitrogen oxide and one third less CO2 than a conventional power plant.
Inaugurated in 2005 by King Mohammed VI and former Spanish King Juan Carlos, the Tahaddart power plant required investment of 3.1 billion dirhamsIt is operated and operated by the Moroccan company Energie Electrique de Tahaddart (EET), which includes ONEE (48%), Spanish Endesa Generacion (32%) and German Siemens Project Ventures (20%).
In the context of probable privatization in 2019 It remains unclear whether the state intends to sell part or all of its shares in EET. On the other hand, it is certain that the prospective buyer will certainly achieve good results in terms of EET financial indicators (the latest data comes from the end of 2016).
Net profit of over 200 MDH in 2016
With the capital of 750.4 MDH, the Moroccan company Energie Electrique of Tahaddart realized in 2016. The turnover of 605,5 MDH, for the net result of 204 MDH, almost twice as much as the one recorded in 2006.
Justifying the good financial balance, EET has capital of 1.04 MMDH, with 301 MDH (medium and long-term) debt. Interestingly, its balance is 1.4 billion dirhams, including 1.1 billion dirhams of intangible assets (patents, trademarks, rights and similar values).
At the end of 2017, the Tahaddart power plant produced almost 2626 gwh, which is 7% of the national electricity consumption, according to the report on factories and public companies, accompanying 2019 PLF.
EET supplies its entire ONEE production through a concession agreement expiring in 2025. In this sense, the prospective buyer will have to receive guarantees from the state regarding the renewal of this contract, whose clauses may be renegotiated …
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