TAQA expands in North America with wind power investment
- United Arab Emirates: Wednesday, January 09 - 2013 at 16:20
- PRESS RELEASE
Abu Dhabi National Energy Company PJSC (TAQA) has agreed to buy a 50% interest in the 205.5 megawatt (MW) Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF).
Under the terms of the agreement, EDF will continue to provide operation, maintenance and related services.
Dr Saif Al Sayari, TAQA's Executive Officer and Head of the Energy Solutions division, said: "The Lakefield acquisition is a first step in the evolution of TAQA's global strategy for alternative energy sources. It complements our existing assets in North America and gives us a foothold in the fast-growing global wind market. The knowledge and international footprint established with this transaction will enable us to take a leading role in developing other international projects."
TAQA currently has operations in western Canada and the northern United States where it produced 88,100 barrels of oil equivalent per day in 2011. TAQA also has an interest in a tolling agreement for the Red Oak power plant in Sayreville, New Jersey. TAQA's total global power generation capacity in 2011 was 15,413 MW.
Subject to fulfilment of conditions precedent, including customary regulatory and third party approvals, the acquisition of the Lakefield wind project is expected to close in the first quarter of 2013.
This agreement follows the launch of TAQA's Energy Solutions division in January 2012. It was established to invest in alternative energy projects such as wind, solar, geothermal, waste-to-energy and hydropower, as well as unconventional fossil-fuel projects such as shale gas and using CO2 for enhanced oil and gas recovery in TAQA's existing geographies. This initiative supports TAQA's position as a leading operator of assets through the energy value chain.
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