Taqa completes acquisition of Marubeni stake
Abu Dhabi, March 23, 2009
Abu Dhabi National Energy Company (Taqa), a global energy company, has closed its $320 million acquisition of a 50 per cent equity stake in the existing Caribbean portfolio of Marubeni Corporation.
Commenting on the closing of the transaction, Peter Barker-Homek, chief executive officer of Taqa, said: “The closing of the transaction marks an important milestone in Taqa’s global operations. This transaction demonstrates our strategic objective to deliver profitable growth in new and existing markets. We remain committed to seeking out acquisitions that offer stable cash flows and compliment our existing experience and expertise.
“The joint venture with Marubeni enhances our existing diversified energy portfolio and will act as a platform to explore multiple opportunities through long-term investment in the region,” he said.
Marubeni’s assets in the region were part-owned and operated in conjunction with local and international partners. The purchase is made under a 50/50 joint venture focused on long-term investments in the energy sector in the region.
The new joint venture portfolio consists of equity stakes in power generation and transmission facilities with a combined generation capacity of 2,300 MW (gross) in Jamaica, the Bahamas, Trinidad and Tobago and Curaçao.
Taqa’s role is operational, with its 50 per cent interest represented at the board level at each facility and holding key management positions. – TradeArabia News Service