Abu Dhabi: Abu Dhabi National Energy Company (Taqa) said yesterday that the Abu Dhabi Water and Electricity Authority (Adwea) will transfer 90 per cent of its shares in Ruwais Power Holding Company to Taqa.
"The expected daily production capacity of the Shuweihat 2 plant is 1,500 megawatts and 100 million imperial gallons per day," Taqa said in a filing to the Abu Dhabi Securities Exchange, where its shares are listed.
Taqa's shares closed 3.54 per cent higher yesterday at Dh1.17.
Ruwais Power Holding company owns 60 per cent of Ruwais Power Company, which owns the Shuweihat 2 power and water plant. The plant is currently under construction and expected to be commissioned by the end of 2011.
Adwea last year raised Dh8 billion to fund the Shuweihat 2 water and electricity generation project. The project was Adwea's eighth in the framework of its privatisation programme.
Adwea works towards achieving the strategic objectives of the Abu Dhabi government in attracting foreign capital and transfer of contemporary technology and international expertise to its projects. It produces, transmits and distributes potable water, electricity and sewerage services throughout the emirate of Abu Dhabi to a population of more than 1.5 million.
