By Joanne Bladd
State-owned utility sold 50% share to Japanese partner Marubeni Corporation
Abu Dhabi National Energy Company, the state-owned utility known as Taqa, on Wednesday said it has sold its 50 percent stake in a joint Caribbean power venture for $320m.
Taqa sold its stake to Japan's Marubeni Corporation, which held the remaining 50 percent stake in Marubeni Taqa Caribbean, the company said.
“Taqa sold its stake for a value that is equivalent to the company's original purchase price adjusted for Taqa's carrying costs resulting in no material gain or loss,” the company said in statement to the Abu Dhabi bourse.
Taqa last month secured a $3bn revolving credit-facility which it said would be used in part to refinance an existing $3/15bn facility.
The company is 51 percent owned by the Abu Dhabi Water and Electricity Authority.