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21902
Mon, 09/29/2008 - 15:11
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https://oananews.org//node/21902
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Taqa finalises sale deal with Japan's Sumitomo
The Abu Dhabi National Energy Company (Taqa) said yesterday it had finalised a deal with Japan's Sumitomo Corporation to sell 20 per cent of its stake in a major power generation company in the UAE according to a report in “Emirates Business 24|7”.
The government-controlled Taqa, one of the largest energy investment companies in the Middle East, said the deal also involved the sale of 50 per cent of another Abu Dhabi-based venture to the Japanese giant. "Please be informed that Taqa has completed all contractual procedures regarding the sale of a 20-per cent interest in Shuweihat CMS International Power Company (Scipco) and a 50 per cent interest in Shuweihat O&M Limited Partnership (SOMLP) to Sumitomo Corporation," Taqa said in statement at the Abu Dhabi Securities Exchange, which it is listed along with 60 other companies.
"The value of these transactions is US$173.95 million (Dh638.3m); the revenue and profits of these transactions will be included in Taqa's quarter three results."
Scipco owns the Shuweihat S1 plant (S1 Plant), a power generation and water desalination facility near Jebel Dhana, Abu Dhabi, with a net production capacity of 1,500 megawatts of electricity and 100 million gallons of desalinated water a day. SOMLP is the company responsible for the management, operation and maintenance of the S1 Plant.
The S1 Plant commenced commercial operations in June 2005. Following this transaction, Taqa will retain a 54 per cent interest in Scipco, while Abu Dhabi Water and Electricity Authority (Adwea) and International Power will continue to hold six per cent and 20 per cent respectively.
Of its 74 per cent stake in Scipco, Taqa originally held a 54 per cent shareholding but acquired an additional 20 per cent through its purchase of CMS Generation, an international portfolio of energy and utility assets.
According to the statement, the sale to Sumitomo returns Taqa to its original position. This stake, along with the six per cent shareholding by Adwea, is "consistent with Adwea's target of 60 per cent domestic ownership of strategic assets."
Purchased by Taqa for around US$900m in May 2007, the CMS portfolio also included assets held in the UAE, Morocco, Saudi Arabia, Ghana and India.
"Our ability to attract an investor of Sumitomo's stature shows the high regard in which the Abu Dhabi market is held," Taqa's CEO Peter Barker Homek said.
The government-controlled Taqa, one of the largest energy investment companies in the Middle East, said the deal also involved the sale of 50 per cent of another Abu Dhabi-based venture to the Japanese giant. "Please be informed that Taqa has completed all contractual procedures regarding the sale of a 20-per cent interest in Shuweihat CMS International Power Company (Scipco) and a 50 per cent interest in Shuweihat O&M Limited Partnership (SOMLP) to Sumitomo Corporation," Taqa said in statement at the Abu Dhabi Securities Exchange, which it is listed along with 60 other companies.
"The value of these transactions is US$173.95 million (Dh638.3m); the revenue and profits of these transactions will be included in Taqa's quarter three results."
Scipco owns the Shuweihat S1 plant (S1 Plant), a power generation and water desalination facility near Jebel Dhana, Abu Dhabi, with a net production capacity of 1,500 megawatts of electricity and 100 million gallons of desalinated water a day. SOMLP is the company responsible for the management, operation and maintenance of the S1 Plant.
The S1 Plant commenced commercial operations in June 2005. Following this transaction, Taqa will retain a 54 per cent interest in Scipco, while Abu Dhabi Water and Electricity Authority (Adwea) and International Power will continue to hold six per cent and 20 per cent respectively.
Of its 74 per cent stake in Scipco, Taqa originally held a 54 per cent shareholding but acquired an additional 20 per cent through its purchase of CMS Generation, an international portfolio of energy and utility assets.
According to the statement, the sale to Sumitomo returns Taqa to its original position. This stake, along with the six per cent shareholding by Adwea, is "consistent with Adwea's target of 60 per cent domestic ownership of strategic assets."
Purchased by Taqa for around US$900m in May 2007, the CMS portfolio also included assets held in the UAE, Morocco, Saudi Arabia, Ghana and India.
"Our ability to attract an investor of Sumitomo's stature shows the high regard in which the Abu Dhabi market is held," Taqa's CEO Peter Barker Homek said.
