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112400
Thu, 03/18/2010 - 14:54
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https://oananews.org//node/112400
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Taqa plans US$1.4b 'capex' in 2010
Abu Dhabi, Mar 18, 2010 (WAM)- Abu Dhabi National Energy Co (Taqa) plans to spend US$1.4 billion five capital projects this year as the state-owned utility shifts its focus from acquisitions to internal growth, its general manager said according to reports by Agencies.
Carl Sheldon also said the state-owned utility does not expect to tap capital markets this year, relying instead on internally generated funds and a refinancing facility for its projects.
"Our main focus is on organic growth with a US$1.4 billion capital expenditure (capex) this year for five projects," Sheldon said in a conference call on Wednesday.
Taqa's capital expenditure in 2009 was US$646 million, excluding acquisitions. The company has made at least ten acquisitions in the Middle East, Europe and North America over the last three years. Asked if the company has ruled out acquisitions in the short-term, Sheldon said, "No. We will certainly consider acquisitions around our existing assets," without elaborating further.
The company also said it is in talks with Canadian banks to refinance a C$1.3 billion revolving credit facility of which C$1 billion has already been drawn.
"We are targeting C$700 to C$800 million. We talked to banks on March 4 and the feedback is they are willing to refinance for another three years," said Doug Fraser, chief financial officer.
On March 4, rating agency Moody's downgraded Taqa along with some other Abu Dhabi state-backed companies citing lack of formal government guarantees.
Carl Sheldon also said the state-owned utility does not expect to tap capital markets this year, relying instead on internally generated funds and a refinancing facility for its projects.
"Our main focus is on organic growth with a US$1.4 billion capital expenditure (capex) this year for five projects," Sheldon said in a conference call on Wednesday.
Taqa's capital expenditure in 2009 was US$646 million, excluding acquisitions. The company has made at least ten acquisitions in the Middle East, Europe and North America over the last three years. Asked if the company has ruled out acquisitions in the short-term, Sheldon said, "No. We will certainly consider acquisitions around our existing assets," without elaborating further.
The company also said it is in talks with Canadian banks to refinance a C$1.3 billion revolving credit facility of which C$1 billion has already been drawn.
"We are targeting C$700 to C$800 million. We talked to banks on March 4 and the feedback is they are willing to refinance for another three years," said Doug Fraser, chief financial officer.
On March 4, rating agency Moody's downgraded Taqa along with some other Abu Dhabi state-backed companies citing lack of formal government guarantees.
