Browse
related articles
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 $900m 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.
Peter 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."
Digg
Facebook
LinkedIn
Twitter
Posted by Ehab Al-Abbadi
It looks like you are using a Mac - check out our 
Web Feeds