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Sat 27 Mar 2010 12:50 PM

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Abu Dhabi's TAQA eyes local plant stake - report

Abu Dhabi National Energy Co eyes ADWEA stake in Fujeirah 2 plant - exec.

Abu Dhabi National Energy Co (TAQA) could spend $272.3m to buy a 90-percent stake in a water and power plant owned by the emirate's utility, an executive said in remarks published on Saturday.

TAQA "plans to buy" Abu Dhabi Water and Electricity Authority's (ADWEA) stake in Fujeirah 2 plant, Arabic newspaper al-Khaleej quoted Mohammed Mubaideen, the head of TAQA's investor relations, as saying.

Executives at TAQA were not immediately available for comment.

The plant will have a capacity of 2,000 megawatts of power and 130 million gallons a day of water and will begin operations in mid-2010.

Earlier this month, TAQA said it planned to spend $1.4 billion on five capital projects in 2010 as the state-owned utility shifts its focus from acquisitions to internal projects.

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