Taqa Gen X also announced its first investment today; an agreement to acquire from JPMorgan all of the outstanding equity interest in JPMorgan's indirect subsidiary BE Red Oak Holding LLC, which will result in the transfer of control of BE Red Oak LLC.
BE Red Oak LLC holds a tolling agreement for the Red Oak power plant (Red Oak) located in Sayreville, New Jersey.
The terms of the acquisition were not disclosed.
The transaction is subject to various regulatory approvals, including approval from the Federal Energy Regulatory Commission. Taqa Gen X filed an application for FERC approval on November 14, 2008.
Red Oak is an 830 MW combined cycle gas turbine power plant which is located within the PJM
Interconnection, L.L.C., region.
Taqa Gen X will not own or operate the plant. Operations will continue to be run by AES Red Oak L.L.C., a subsidiary of AES, which has operated the plant since the start of commercial operations.
Taqa's primary involvement in the joint venture will include long-term strategic decision-making, while RBS Sempra Commodities will provide trading infrastructure and expertise, manage commodity risks associated with the plant and procure the gas required to operate and dispatch the facility.
Commenting on the JV's first acquisition, Peter Barker-Homek, Chief Executive Officer of Taqa, said: "This joint venture further reinforces TAQA's strategic objectives of becoming a fully integrated global energy company.
Working with local and national stakeholders, Taqa Gen X will play an active role in ensuring the long-term power demands for the region continue to be met. We plan on scaling the JV 2 over time to managing some 10,000 MW of clean burning, high efficiency and environmentally friendly power."
"RBS Sempra Commodities brings world-class energy and risk management skills to the joint venture and we believe that together we will create a market leading energy partnership, which is well
equipped to make the most of downstream investment opportunities."
Reflecting on the relationship, David Messer, RBS Commodities Chief Executive Officer, said "The
combination of the RBS Sempra Commodities' energy risk management platform with Taqa's worldclass
operational and asset management experience, creates a powerful growth platform to take
advantage of opportunities in the US power market."
Browse
related articles
Taqa and RBS Sempra Commodities announce creation of Taqa Gen X joint venture
- United Arab Emirates: Wednesday, December 10 - 2008 at 16:12
- PRESS RELEASE
Related content
Abu Dhabi National Energy Company PJSC (Taqa), a global energy company, and RBS Sempra Commodities, a leading commodity company, today announced the creation of Taqa Gen X, a joint venture focused on investments in the downstream energy business in North America.
Article Options
Log in to request more information from TAQA
Posted by Lara Lynn Golden, News EditorWednesday, December 10 - 2008 at 16:12 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Notes and Media Contacts »
Contact Details:
Taqa
UAE
Tanis Thacker
Head of Investor Relations
+ 971 2 691 4933
Daniela Fleischmann, Capital MS&L
Tel: +971 4367 6164
London
Claire Maloney, Capital MS&L
Tel: +44 207 307 5341
RBS Sempra Commodities
Americas
Peter Ward
Head of Corporate Communications
RBS Global Banking & Markets
+1 203 618 6783
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 Dhs85bn ($23.4bn). One of the largest companies listed on
the Abu Dhabi Securities Exchange (ADX), with 2007 revenue of more than Dhs8bn ($2bn), 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 38 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.
About RBS Sempra Commodities
Formed through a joint venture in July 2007 between the Royal Bank of Scotland Group and Sempra Energy, RBS Sempra Commodities is a family of commodity trading companies transacting in the
global commodity markets. The RBS Sempra Commodities companies combine financial riskmanagement techniques with physical expertise to provide innovative solutions for customers in
natural gas, natural gas liquids, power, petroleum and petroleum products, coal, emissions, ethanol and base metals.
RBS Sempra Commodities LLP is consolidated within RBS's Global Banking & Markets.
RBS Global Banking & Markets is a leading banking partner to major corporations and financial and
governmental institutions around the world. It provides a full range of debt financing, risk management and investment services. Its approach is built on innovative and flexible thinking, extensive resources and an unrelenting focus on client relationships.
About Sempra Energy
Sempra Commodities, based in Stamford, CT., is engaged in marketing and trading physical and
financial energy products including crude oil and refined products, natural gas, coal and metals. It
employs 850 people serving more than 2,600 customers worldwide and generated net after tax profits of $504m in 2006. Gas, power and oil businesses are the major contributors to its profits. Sempra Energy, based in San Diego, Calif., is a Fortune 500 energy services holding company with 2006 revenues of nearly $12bn. It employs 14,000 people serving more than 29 million consumers worldwide.
Taqa
UAE
Tanis Thacker
Head of Investor Relations
+ 971 2 691 4933
Daniela Fleischmann, Capital MS&L
Tel: +971 4367 6164
London
Claire Maloney, Capital MS&L
Tel: +44 207 307 5341
RBS Sempra Commodities
Americas
Peter Ward
Head of Corporate Communications
RBS Global Banking & Markets
+1 203 618 6783
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 Dhs85bn ($23.4bn). One of the largest companies listed on
the Abu Dhabi Securities Exchange (ADX), with 2007 revenue of more than Dhs8bn ($2bn), 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 38 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.
About RBS Sempra Commodities
Formed through a joint venture in July 2007 between the Royal Bank of Scotland Group and Sempra Energy, RBS Sempra Commodities is a family of commodity trading companies transacting in the
global commodity markets. The RBS Sempra Commodities companies combine financial riskmanagement techniques with physical expertise to provide innovative solutions for customers in
natural gas, natural gas liquids, power, petroleum and petroleum products, coal, emissions, ethanol and base metals.
RBS Sempra Commodities LLP is consolidated within RBS's Global Banking & Markets.
RBS Global Banking & Markets is a leading banking partner to major corporations and financial and
governmental institutions around the world. It provides a full range of debt financing, risk management and investment services. Its approach is built on innovative and flexible thinking, extensive resources and an unrelenting focus on client relationships.
About Sempra Energy
Sempra Commodities, based in Stamford, CT., is engaged in marketing and trading physical and
financial energy products including crude oil and refined products, natural gas, coal and metals. It
employs 850 people serving more than 2,600 customers worldwide and generated net after tax profits of $504m in 2006. Gas, power and oil businesses are the major contributors to its profits. Sempra Energy, based in San Diego, Calif., is a Fortune 500 energy services holding company with 2006 revenues of nearly $12bn. It employs 14,000 people serving more than 29 million consumers worldwide.
Disclaimer »
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
