TAQA completes the acquisition of 50% equity stake in Marubeni’s Caribbean power portfolio US$ 320 million deal grows TAQA’s power assets to 11,650 MW from 10,500 MW; and extends TAQA’s energy value chain to power transmission and distribution.
New York / Abu Dhabi / Ann Arbor / Tokyo, March 22, 2009: - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, today announced it has closed its US$ 320 million acquisition of a 50% equity stake in the existing Caribbean portfolio of Marubeni Corporation (Marubeni), Japan’s largest trading company.
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.”
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, as follows:
- 55.4% equity interest in Grand Bahama Power Company in Grand Bahama
- 80% equity interest in Jamaica Public Service Company in Jamaica, which owns and operates ten generating facilities, including six hydroelectric plants. These plants expand TAQA’s downstream business into this sustainable energy source.
- 39% equity interest in PowerGen which is an independent power producer that supplies 80% of total electricity demand in Trinidad & Tobago
- 25.5% equity interest in Curacao Utilities Company N.V. which supplies electricity, steam and water to the Island Refinery operated by Petroleos de Venezuela, S.A. in Curacao, Netherlands Antilles
TAQA’s role is operational, with its 50% interest represented at the board level at each facility and holding key management positions.
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Contact Details:
TAQA
UAE
Tanis Thacker
Head of Investor Relations
+ 971 2 691 4933
Reem Al Midwahi
PR Manager
+971 2 691 4940
London
Claire Maloney, Capital MS&L
Tel: +44 207 307 5341
claire.maloney@capitalmsl.com
About Abu Dhabi National Energy Company PJSC (TAQA)
Founded in 2005, TAQA (Abu Dhabi National Energy Company (PJSC)) is a global energy company with a growing asset base of AED 86 billion (US$ 24 billion). One of the largest companies listed on the Abu Dhabi Securities Exchange (ADX), with 2008 revenue approaching AED 17 billion (US$ 4.6 billion), TAQA is a flagship corporation for the Government of Abu Dhabi.
TAQA’s strategic goal is to build and operate a geographically diverse global portfolio of energy businesses across the value chain. It has operations in power generation, water desalination, upstream oil/gas, pipelines, and gas storage.
TAQA employs approximately 2,800 people from 41 different nations and operates from its offices in: Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam; Calgary and The Hague. This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India.
TAQA carries Aa2 and AA- credit ratings from Moody’s and S&P respectively.
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