Taqa to Acquire Interest in Kurdish Power Project

Source: Bloomberg 4/8/2012, Location: Middle East

Abu Dhabi National Energy Co. (TAQA) agreed to acquire a 50 percent stake in a 1,000-megawatt independent power project in Iraq’s Kurdish region. Mass Global Investments Co. is a partner of the government- run utility, known as Taqa, in the project, according to a statement on the Abu Dhabi bourse’s website. The 750-megawatt gas-fired plant near Sulaymaniyah has been operating since 2009 and an additional 250 megawatts is under construction, the company said.

Taqa owns stakes in businesses that generate power or produce oil and natural gas in the Middle East, North America, the North Sea and India. Last year, it started two new power plants in the United Arab Emirates, where it is based, and bought a stake in WesternZagros Resources Ltd. (WZR), a Canadian company with operations in the Kurdistan region of Iraq.

The shares gained as much as 2.3 percent, or 3 fils, to 1.34 dirhams, a level the stock hasn’t reached since March 14, according to data compiled by Bloomberg. Taqa added 2 fils, or 1.5 percent, to 1.33 dirhams at 10:24 a.m. in Abu Dhabi.

The company also completed the disposal of its entire holding in Tesla Motors Inc. (TSLA), representing a 415 million-dirham ($113 million) gain, according to a separate statement.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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