Taqa to pay $272.3m for ADWEA’s power plant

28 Mar 2010

(MENAFN) Abu Dhabi National Energy Company, also known as Taqa, said that it would pay up to $272.3 million to purchase a 90-percent stake in a water and power plant owned by the emirate’s utility, Reuters reported.

Head of Taqa’s investor relations, Mohammed Mubaideen, said that the firm plans to buy Abu Dhabi Water and Electricity Authority’s (ADWEA) stake in Fujeirah 2 plant.

The Fujeirah 2 plant is expected to have a capacity of 2,000 MW of power and 130 million gallons a day of water. It is slated to start operations in mid-2010.

Earlier this month, Taqa announced that it planned to invest as much as $1.4 billion on five capital projects during the current year, as the state-owned utility shifts its focus from acquisitions to internal projects.

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