Abu Dhabi: The Abu Dhabi National Energy Company PJSC (Taqa), a publicly listed company on the Abu Dhabi Securities Exchange, has successfully completed disposition of all of its holding in Tesla Motors for a total consideration representing a Dh415 million ($113 million) gain over book value, a statement posted on the ADX showed.
Taqa has signed an agreement with Mass Global Investment Company LLC, according to which Taqa has 50 per cent stake of the Sulaimaniyah gas power plant in the Kurdistan region of Iraq. The plant's capacity is 1,000 megawatts.
Taqa, which is 75 per cent owned by the government of Abu Dhabi, did not disclose how much it received for the shares.
"We sold all 7,297,139 shares that we held after these were transferred to us from Abu Dhabi Water and Electricity Authority in December 2010. This represents roughly 7 per cent of all TeslaMotor shares," Taqa spokesman Allan Virtanen was quoted by Reuters.
Taqa said it bought a 50 per cent interest in a Kurdistan power plant, which has been operating since 2009. The power plant has a capacity of 750 megawatts, with an additional 250 megawatts under construction, Taqa said.
The company signed a joint venture agreement with Mass Global Investments Co Ltd for the purchase, Taqa said.
Taqa said that the agreement is subject to certain conditions which must be met before the convention comes into force.
