5.58 AM Thursday, 18 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:33 05:50 12:21 15:48 18:46 20:03
18 April 2024

Taqa sells Caribbean assets to Marubeni

By Staff

Abu Dhabi National Energy Company (Taqa) has sold its 50 per cent stake in Marubeni Taqa Caribbean to Marubeni Corp for an undisclosed amount, the listed firm announced in a statement to the Abu Dhabi Exchange on Monday.

“The decision to withdraw was taken as part of Taqa’s strategy to focus its power and water business development within its existing footprint, with a stronger focus in the greater MENA [Middle East and North Africa] region,” the firm’s statement said.

Marubeni Taqa Caribbean was a JV between Taqa and the Marubeni Corp, created after Taqa bought 50 per cent of Marubeni’s Caribbean assets for $320m in April 2009.
At that time, the deal was reckoned to have grown Taqa’s power assets to 11,650MW from 10,500 MW, and extended its energy value chain to power transmission and distribution.