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FINANCIAL NEWS
UAE- TAQA acquires 50% stake in US Lakefield wind power project
10 Jan 2013
(MENAFN) Abu Dhabi National Energy Company’s (TAQA) executive officer and head of the Energy Solutions division, Dr Saif Al Sayari, announced that the firm has bought a 50-percent stake in US Lakefield wind power project, reported Arabian Business.
Al Sayari said that the stake was purchased from an affiliate of Electricite de France SA (EDF), a French utility.
He added that the Jackson County, Minnesota-based project consists of 137 General Electric 1.5MW wind turbines with the capacity to generate 205.5MW of emissions-free electricity that supplies over 68,000 homes.
According to the deal, EDF will maintain providing operation, maintenance and related services.
The electricity generated from the project is sold to Indianapolis Power & Light Company, an affiliate of the AES Corporation, under a 20-year power purchase deal.
It is worth noting that the deal is forecasted to seal during the current quarter, depending on completion of conditions precedent, including customary regulatory and third party approvals.
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