Abu Dhabi National Energy Company PJSC (TAQA) has paid US $320 million to acquire a 50% equity stake in the Caribbean portfolio of Marubeni Corporation.
TAQA’s acquisition was made under a 50/50 joint venture agreement with the Japanese company and the focus will be on long-term investments in the energy sector in the region.
“The closing of the transaction marks an important milestone in TAQA’s global operations. This transaction demonstrates our strategic objective to deliver profitable growth in new and existing markets,” Peter Barker-Homek, CEO of TAQA, said.
”We remain committed to seeking out acquisitions that offer stable cash flows and compliment our existing experience and expertise.”
“The joint venture with Marubeni enhances our existing diversified energy portfolio and will act as a platform to explore multiple opportunities through long-term investment in the region, he added.”
The portfolio includes:
1. 55.4% equity interest in Grand Bahama Power Company in Grand Bahama
2. 80% equity interest in Jamaica Public Service Company in Jamaica, which owns and operates ten generating facilities, including six hydroelectric plants.
3. 39% equity interest in PowerGen which is an independent power producer that supplies 80% of total electricity demand in Trinidad & Tobago
4. 25.5% equity interest in Curacao Utilities Company N.V. which supplies electricity, steam and water to the Island Refinery operated by Petroleos de Venezuela, S.A. in Curacao, Netherlands Antilles
TAQA’s asset base now stands at $24 billion.
