UAE's Taqa seeks to sell stake in US wind power plant

Abu Dhabi National Energy Co has filed with US energy regulators to sell stake in Minnesota plant
UAE's Taqa seeks to sell stake in US wind power plant
(Getty Images - for illustrative purposes only)
By Reuters
Wed 25 Nov 2015 02:03 PM

Abu Dhabi National Energy Co, or TAQA, has filed with US energy regulators to sell its stake in the Lakefield wind power plant in the US state of Minnesota to a Qatari company.

TAQA, which reported a net loss of 416 million dirhams ($113.3 million) for the quarter ending Sept. 30, said earlier this month it was aiming to develop local oil and gas projects, leveraging on its overseas expertise and signalling a shift in strategy.

A filing made last week sought authorisation for the sale of the Lakefield plant to Nebras Power Co by the end of this year, so the deal can be completed in the first quarter of 2016.

TAQA, majority-owned by the government of Abu Dhabi, bought a 50 percent stake in the 205.5 megawatt project from a subsidiary of France's EDF in early 2013.

It is the only wind power holding in TAQA's portfolio and the company said earlier this year it had decided to sell the asset, given a "carrying value" of 147 million dirhams ($40 million) which it said was expected to be surpassed in the sale.

A TAQA spokesman confirmed the filing but declined to give further details.

Nebaras Power Co is owned 60 percent by Qatar Electricity & Water Co, 20 percent by Qatar Holding LLC and 20 percent by Qatar Petroleum International Ltd.

TAQA shares closed at 0.46 dirhams on Wednesday, up 15 percent.

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