Abu Dhabi National Energy Company (TAQA) has acquired a 50 percent stake in Caribbean power generation projects for an undisclosed sum, it announced on Wednesday.
The UAE energy business said the Marubeni Caribbean portfolio comprises generation and transmission facilities that can produce a combined 2,300MW of power in Jamaica, the Bahamas, Trinidad and Tobago and Curacao.
The remaining 50 percent of the portfolio is owned by Japanese trading company Marubeni Corporation. Both businesses will oversee the portfolio as part of a joint venture.
“TAQA shares the same outlook on long-term investment as Marubeni and brings solid experience in power sector and a strong financial position to the joint venture,” said TAQA chief executive Peter Barker-Homek.
“Together, we have previously delivered successful partnerships in other regions, having jointly invested in power generation and water production globally. Our joint venture in the region will act as a platform to explore multiple opportunities, beyond the downstream segment, which may assist in creating a more sustainable energy environment for Caribbean countries.”
The deal will be finalised by this year’s second quarter, subject to regulatory approval. Once completed, TAQA will hold a 55.4 percent interest in Grand Bahama Power Company and 80 percent stake in Jamaica Public Service Company. The latter owns and operates 10 facilities, including six hydroelectric plants.
TAQA will also own a 39 percent stake in PowerGen, which supplies 80 percent of Trinidad and Tobago’s energy, and a 25 percent interest in Curacao Utilities Company. The Curacao project provides electricity, steam and water to the Petroleos de Venezuela refinery plant.
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