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Mon 29 Sep 2008 08:07 AM

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Taqa sells power stakes to Japanese firm

Abu Dhabi National Energy Company makes announcement on stock exchange.

Taqa sells power stakes to Japanese firm
POWER DEAL: Taqa has sold stakes in two power companies to Japans Sumitomo Corporation. (Getty Images)

The Abu Dhabi National Energy Company, known as Taqa, has sold a 20 percent stake in Shuweihat CMS International Power Company (Scipco) and a 50 percent in Shuweihat O&M Limited Partnership for $173.95 million to Japan’s Sumitomo Corporation.

“The revenues and profits of these transactions will be included in the company’s third quarter financial results,” Taqa said in a statement on the Abu Dhabi Securities Exchange.

In September Sumitomo announced that it had successfully won the international bid and reached a share purchase agreement with Taqa “on the right to own and operate Shuweihat S1 power and water project in Abu Dhabi”, UAE daily Gulf News reported on Monday.

Following the part share sale to Sumitomo, Taqa’s share in Scipco is down to 54 percent.

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