TAQA Gen-X, USA

In late 2008, TAQA formed a joint venture (TAQA Gen-X) to invest in the downstream energy business in North America. In December 2008, TAQA Gen-X acquired 100% of the equity interest in BE Red Oak Holding LLC which resulted in the transfer of control of the tolling agreement for the Red Oak power plant. The tolling agreement gives the joint venture the rights to the output of the Red Oak plant through 2022, or 20 years from the commercial operation date (September 2002).
Red Oak remains owned and operated by AES Red Oak, LLC. TAQA Gen-X does not have any equity ownership in the plant. The Red Oak power plant is located in Sayreville, New Jersey, on the east coast of the United States. The combined cycle gas turbine power plant is capable of producing 832 MW of electricity.
The participants in the joint venture are TAQA (85%) and Morgan Stanley (15%).