Business | Oil & Gas
Taqa to fund Indian energy projects
The Abu Dhabi National Energy Company (Taqa) is going to enter into the development, financing and implementation of Indian energy sector projects, with India's Infrastructure Leasing and Financial Services (IL&FS).
- Staff Report
- Published: 00:00 November 30, 2006
Dubai: The Abu Dhabi National Energy Company (Taqa) is going to enter into the development, financing and implementation of Indian energy sector projects, with India's Infrastructure Leasing and Financial Services (IL&FS).
Under the terms of the arrangement, Taqa will invest substantial capital in various power and transmission projects enabling them to come online faster.
"Taqa's intention to assume an equity stake in India's rapidly growing energy sector is a natural progression for the company, as we continue to expand and invest outside the Middle East region," said Peter Barker-Homek, chief executive officer of Abu Dhabi National Energy Company.
"By working together with IL&FS - India's leader in utilities privatisation modelling - Taqa believes that it is taking the straightest, fastest path to profitability in the Asian subcontinent," added Barker-Homek.
Ravi Parthasarathy, chairman of IL&FS, said: "The future of India's energy sector is inexhaustibly bright, with potential beyond anyone's imagination. By choosing the right investors, such as Taqa, for our growing number of projects, we are virtually ensuring that the energy demands of our future generations will be met in a way that benefits both our economy and our environment."
Taqa is a global energy company with investment capabilities in power generation, desalination, mining, renewables, upstream oil and gas, refining and retailing, pipelines, metals, services, structured finance and the creation, syndication and management of assets. Taqa was founded in Abu Dhabi in 2005 and listed on the Abu Dhabi Stock Exchange. Taqa has more than Dh31 billion in assets, turnover of Dh3.3 billion, and more than 7,000 MW (gross) of installed generation.
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