Abu Dhabi: Abu Dhabi National Energy Company (Taqa) has won US approval to sell its stake in the operator of a 205.5 megawatt (MW) wind farm in Minnesota to Qatar-based private equity fund Nebras Power QSC.
Nebras will buy a 50 per cent stake in LWP Lessee, the manager and operator of the Lakefield wind project, according to the Federal Energy Regulatory Commission ruling Wednesday. Terms of the deal, which are yet to be finalised, were not disclosed, a report by Bloomberg said.
Qatar Electricity & Water Co. QSC owns 60 per cent of Nebras. Qatar Petroleum International Ltd and Qatar Holding LLC each hold 20 per cent stakes in the company.
Taqa had filed a request with Federal Regulatory Energy Commission to sell its stake in the Lakefield wind power plant to Nebras Power from Qatar in November.
“This asset is non-core to Taqa and that it is the only wind power asset in our portfolio. Any sale would be subject to customary approvals,” a Taqa spokesperson had told Gulf News earlier.
Taqa has 50 per cent interest in 205.5 (MW) Lakefield wind project located in the state of Minnesota.
The energy company bought it in 2013 from a subsidiary of France-based utility Electricite de France SA (EDF).
The Lakefield investment is carried with a value of Dh147 million as of 30 September 2015 and the consideration for the sale of the assets is expected to be higher than the carrying amount, according to Taqa.
The Abu Dhabi-based energy company posted a third-quarter loss of Dh416 million for the three months that ended on September 30 versus a profit of Dh107 million in the same quarter in 2014 as the revenues of the company get impacted due to drop in oil prices.
The company is reducing capital spend by 43 per cent, continuing significant cost reductions and increasing efficiencies across its global operations.
