TAQA Morocco Bondholders to Vote on MAD 2.7B Debt Transfer to Jorf Lasfar Energy Subsidiary

TAQA Morocco is set to hold a General Assembly on October 26, 2026, at 11:00 AM in its Casablanca offices, inviting holders of its bond issuance to approve a major debt restructuring operation.

Key Details of the Transaction

• Bond Amount: MAD 2.7 billion, originally issued on September 3, 2020 via private placement
• Structure: 27,000 obligations with a nominal value of MAD 100,000 each
• Proposed Transfer: Full debt relocation to Jorf Lasfar Energy Company 1-4
• Mechanism: Novation with change of debtor, substituting the subsidiary as the sole obligor

What the Vote Entails

Bondholders will be asked to approve two core resolutions: (1) the transfer of the entire loan via novation with debtor substitution, and (2) the replacement of TAQA Morocco with Jorf Lasfar Energy Company 1-4 as the sole debtor under both the loan and the issuance agreement.

If approved, TAQA Morocco would be fully released from all debtor obligations effective from the novation date, with Jorf Lasfar Energy Company 1-4 assuming sole responsibility for all repayment terms and associated commitments.

Delegated Powers

The assembly will also grant authorization to Mohammed Hdid, the bondholders' representative, to sign supplementary agreements and execute all necessary documentation to complete the transaction.

Participation Options

Obligatory participation is available in person at the Casablanca offices or remotely via videoconference, with connection details provided in the official convocation notice.