• 26 Sep 2008
  • Global

TAQA announces completion of sale of Shuweihat Shares to Sumitomo Corporation

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced that it has completed the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O & M Limited Partnership (“SOMLP”) to Sumitomo Corporation.SCIPCO owns the Shuweihat S1 plant (“S1 Plant”), a power generation and water desalination facility near Jabal Dhana, Abu Dhabi with a net production capacity of 1,500 megawatts of electricity and 100 million imperial gallons of desalinated water a day. SOMLP is the company responsible for the management, operation and maintenance of the S1 Plant. The S1 Plant commenced commercial operations in June 2005.TAQA retains a 54% interest in SCIPCO, Abu Dhabi Water Electricity Authority (“ADWEA”) and International Power Plc (“IPR”) will continue to hold 6% and 20%, respectively. IPR will also retain its 50% interest in SOMLP.Of its 74% stake in SCIPCO TAQA originally held a 54% stake but acquired an additional 20% through its purchase of CMS Generation, an international portfolio of energy and utility assets. This sale to Sumitomo returns TAQA to its original position, and combined with ADWEA’s 6% stake is consistent with ADWEA’s target of 60% domestic ownership of strategic assets.Purchased by TAQA for US$900 million in May 2007, the CMS portfolio also included assets held in Morocco, Saudi Arabia, Ghana, UAE and India. CMS Generation has subsequently been renamed TAQA Generation. TAQA completed a similar sale of 40% of Emirates CMS Power Company to the Marubeni Corporation in October 2007.CommentPeter Barker Homek, Chief Executive Officer, said:“Our ability to attract an investor of Sumitomo’s stature once again shows the high regard in which the Abu Dhabi market is held. As one of the global leaders in power generation, we look forward to working closely with Sumitomo as the Abu Dhabi power and desalination operations remain a core business and a key focus for us in the future.”- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Subscribe to Taqa Global.