ID :
22858
Mon, 10/06/2008 - 14:48
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Shortlink :
https://oananews.org//node/22858
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Taqa to acquire 'green' firms
Abu Dhabi, Oct 6, 2008 (WAM) - The Abu Dhabi National Energy Co (Taqa) plans to acquire multiple renewable energy firms as part of plans to make 50 per cent of its operations 'green' by 2023 according to a report in “Emirates Business 24|7”.
"We are currently looking at two [renewable energy] firms, one European and one North American," Taqa's Chief Executive Peter Barker-Homek told Emirates Business. While declining to name the acquisition targets, Barker-Homek said that the two firms in question have been hit by the lack of ready project finance due to the global credit crunch.
In June, Taqa signed a strategic partnership with France's Theolia to work on renewable energy projects in Morocco. By mid-2010, around seven per cent of Taqa's operations will be classed as 'renewable'; a programme of global acquisitions will see this figure rise to 50 per cent between 2018 and 2023, Barker-Homek said.
'Renewable' energy includes power from solar, wind, tidal and geothermal sources. Barker-Homek does not include nuclear technologies in this definition but confirmed that Taqa is in negotiations over the planned GCC nuclear power programme, which could be launched as early as 2018.
Taqa is majority-owned by the Abu Dhabi Government and has amassed over $1 billion of North Sea oil and gas assets in purchases from Canada's Talisman and BP in November 2006 and January 2007 respectively. It bought more North Sea assets from Royal Dutch Shell and Exxon Mobil earlier this year, for an undisclosed sum.
The company plans to spend around $1.4bn on boosting oil output from its North Sea fields in the next three years to 60,000 barrels of oil equivalent per day from around 40,000 boepd.
Barker-Homek said the company is on target to boost its asset base to $60bn by between 2012 and 2016.
"We are currently looking at two [renewable energy] firms, one European and one North American," Taqa's Chief Executive Peter Barker-Homek told Emirates Business. While declining to name the acquisition targets, Barker-Homek said that the two firms in question have been hit by the lack of ready project finance due to the global credit crunch.
In June, Taqa signed a strategic partnership with France's Theolia to work on renewable energy projects in Morocco. By mid-2010, around seven per cent of Taqa's operations will be classed as 'renewable'; a programme of global acquisitions will see this figure rise to 50 per cent between 2018 and 2023, Barker-Homek said.
'Renewable' energy includes power from solar, wind, tidal and geothermal sources. Barker-Homek does not include nuclear technologies in this definition but confirmed that Taqa is in negotiations over the planned GCC nuclear power programme, which could be launched as early as 2018.
Taqa is majority-owned by the Abu Dhabi Government and has amassed over $1 billion of North Sea oil and gas assets in purchases from Canada's Talisman and BP in November 2006 and January 2007 respectively. It bought more North Sea assets from Royal Dutch Shell and Exxon Mobil earlier this year, for an undisclosed sum.
The company plans to spend around $1.4bn on boosting oil output from its North Sea fields in the next three years to 60,000 barrels of oil equivalent per day from around 40,000 boepd.
Barker-Homek said the company is on target to boost its asset base to $60bn by between 2012 and 2016.
