x Abu Dhabi, UAESunday 23 July 2017

Taqa acquires Caribbean power interests

The company has expanded its partnership with Marubeni, the Japanese trading company, to include a portfolio of electricity assets.

Abu Dhabi National Energy Company, or Taqa, has expanded its partnership with Marubeni to include an agreement to share ownership of the Japanese trading company's Caribbean electricity assets. Taqa said it had agreed to buy a 50 per cent stake in a portfolio comprising equity interests in four electrical utilities that operate power plants and transmission lines in Jamaica, the Bahamas, Trinidad and Tobago, and Curaçao. The power plants have a combined generating capacity of 2,300 megawatts.

The company did not provide financial details of the transaction, which is expected to signed by the end of March. "Taqa shares the same outlook on long-term investment as Marubeni and brings solid experience in the power sector and a strong financial position to the joint venture," said Peter Barker-Homek, the chief executive of Taqa. "Together, we have previously delivered successful partnerships in other regions, having jointly invested in power generation and water production globally."

The new investment, which is Taqa's first in the Caribbean, follows previous North American acquisitions by the company, including a US$5 billion (Dh18bn) purchase of Canadian oil and gas assets. In 2007, Marubeni bought a 40 per cent interest in a Taweelah power and water project that Taqa operates. tcarlisle@thenational.ae