The state-owned Abu Dhabi National Energy Company (TAQA) has announced that it is to buy a 90% stake in the Fujairah Water and Electricity Company (FWEC) from state-owned Abu Dhabi Water and Electricity Authority (ADWEA) for US$302 million, according to a statement it released on the Abu Dhabi bourse website.
Payment details were not specific, but TAQA said that the amount would be paid to ADWEA in installments over an unspecified period of time. Adwea said that the transfer of the shares had been approved by its board of directors.
TAQA has been increasing its investments over the past few months. Arabianoilandgas.com reported in March that the company had paid $320 million for a a 50% equity stake in the Caribbean portfolio of Marubeni Corporation.
