Taqa signs accord with Oasis to develop utility projects in Asia

Dubai: Abu Dhabi National Energy Company PJSC (Taqa), yesterday said that it has signed a Letter of Intent (LoI) with Oasis International Power LLC (Oasis), an Abu Dhabi based power company, to develop power and water projects in and around Asia.

"Any joint venture between Taqa and Oasis will be managed on a project by project basis according to the requirements and specifics of each project," the company said in an e-mailed statement.

"It is worth noting that the LoI does not include any capital commitments at this stage."

Peter Barker-Homek, chief executive of Taqa, said: "The combined strengths of Taqa and Oasis will make a winning partnership. We both recognise the huge potential in the power generation and water market in and around the Asian sub-continent. The combination of industrialisation and population growth has resulted in an increase in demand for reliable sources of energy. We are confident that the expertise we have gained within our domestic market will help us realise this potential."

Salem Al Neyadi, director and board member of Oasis, said: "We have identified a number of projects that show great potential. It is too early to disclose details, but this letter of intent outlines our commitment to developing these projects with Taqa, drawing on our combined expertise. I look forward to a long and fruitful working relationship."