Business | General
Taqa buyout of CMS Generation completed
The Abu Dhabi National Energy Company PJSC (Taqa) has successfully completed its planned acquisition of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy.
- Staff Report
- Published: 00:00 May 8, 2007
Dubai: The Abu Dhabi National Energy Company PJSC (Taqa) has successfully completed its planned acquisition of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy.
The Abu-Dhabi based energy company will own and operate CMS generation with operations in five countries. The deal was first announced last February 5. CMS Generation will remain headquartered in the US.
In addition, Taqa has purchased ABB's interest in the Jorf Lasfar (Morocco) and Neyveli (India) power plants.
Capacity
The total acquisition provides Taqa with an additional 2,477 megawatts of generation capacity; adds an experienced staff of approximately 800 and further deepens Taqa's skills as a best-in-class Independent Water and Power Plant (IWPP) developer and operator. This will bring Taqa's total (gross) generation capacity to just over 10,000 megawatts.
"Taqa's acquisition of CMS Generation makes it the IWPP with the world's highest credit rating, further positioning Taqa as a reliable global energy partner," said Peter Barker-Homek, chief executive officer.
The acquisitions place Taqa in four new countries and further its interests in two power and desalination plants in the UAE. Taqa plans to further develop its asset base as a fully integrated energy company.
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