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Sun 15 Jun 2008 05:09 PM

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Taqa confirms Moroccan energy plans

Abu Dhabi National Energy to bid for wind farm project in North African country.

Abu Dhabi National Energy Co. (Taqa) confirmed on Sunday it would bid with French wind-energy firm Theolia for a 300-megawatt wind farm project in Morocco.

Taqa also hopes to complete the purchase of equity interests from Shell and ExxonMobil in the northern North Sea oil and gas assets during the third quarter, it said in a statement on the bourse website.

Theolia, an affiliate of General Electric Co., said on June 11 it had signed a strategic agreement with Taqa for renewable energy projects in Morocco.

The two firms also said last week they agreed to buy 50 percent of Compagnie Eolienne du Detroit, a 50.4 megawatt Moroccan wind farm.

State-controlled Taqa expects to announce four new deals worth around $5 billion this year, including a joint venture with a major US utility and the windfarm in Morocco, its chief executive said last week.

The firm's shares were suspended as of 0824 GMT until it provides more information on a proposed bond sale, the bourse said earlier on Sunday. (Reuters)

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