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Taqa takes over half of Marubeni's Caribbean assets

The Abu Dhabi National Energy Company PJSC (Taqa) on Sunday said it had completed the acquisition of a 50 per cent equity stake in the Caribbean portfolio of Japan's Marubeni Corporation (Marubeni) for $320 million (Dh1.1 billion).

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 23:15 March 22, 2009
  • Gulf News

Abu Dhabi: The Abu Dhabi National Energy Company PJSC (Taqa) on Sunday said it had completed the acquisition of a 50 per cent equity stake in the Caribbean portfolio of Japan's Marubeni Corporation (Marubeni) for $320 million (Dh1.1 billion).

In a filing to the Abu Dhabi Securities Exchange (ADX), where it is listed, Taqa said: "The Marubeni Caribbean portfolio consists of equity stakes in power generation and transmission facilities with a combined generation capacity of 2,300 megawatts (gross) in Jamaica, the Bahamas, Trinidad and Tobago and Curacao."

The news had little impact on Taqa's shares, which fell 1.17 per cent on the ADX yesterday, closing at Dh1.70 a share in a bullish market.

"The outlook on Taqa shares technically is positive at this point. The acquisition will have a positive effect on Taqa, long-term," said Musa Haddad, head trader of discretionary mandates at the National Bank of Abu Dhabi.

In February, Taqa said it would acquire half of Marubeni's Caribbean assets.

"Taqa's role will be operational, with its 50 per cent interest represented at board level at each facility and holding key management positions," it said then.

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