• 18 Feb 2009
  • Global

TAQA announces purchase of 50% equity stake in Marubeni’s Caribbean power portfolio

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 – Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, today announced the purchase of a 50% equity stake in the existing Caribbean portfolio of Marubeni Corporation (Marubeni), Japan’s largest trading company.Commenting on the new JV, Peter Barker-Homek, Chief Executive Officer of TAQA, said:
“The transaction we bring to you today is another endorsement of our strategic objective to deliver profitable growth in multiple markets where we can access stable cash flows, which complement and enhance our existing diversified energy portfolio.“TAQA shares the same outlook on long-term investment as Marubeni and brings solid experience in power sector and a strong financial position to the joint venture. Together, we have previously delivered successful partnerships in other regions, having jointly invested in power generation and water production globally. Our joint venture in the region will act as a platform to explore multiple opportunities, beyond the downstream segment, which may assist in creating a more sustainable energy environment for Caribbean countries.”Marubeni’s assets in the region are currently part-owned and operated in conjunction with local and international partners. The purchase will be made under a 50/50 joint venture focused on long-term investments in the energy sector in the region.The Marubeni Caribbean portfolio consists of equity stakes in power generation and transmission facilities with a combined generation capacity of 2,300MW (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 IPP that supplies 80% of total electricity demand in Trinidad & Tobago•25.5% equity interest in Curacao Utilities Company which supplies electric, steam and water to refinery plant of Petroleos de Venezuela, S.A. in Curacao IslandTAQA’s role will be operational, with its 50% interest represented at board level at each facility and holding key management positions. The transaction is expected to close by the end of Q1 2009, subject to regulatory consents.- 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

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