TAQA's Acquisition Wave Powers On

Abu Dhabi's state-owned National Energy Company (TAQA) has announced that it has acquired a 50% stake in the Caribbean energy portfolio of Japanese trading major Marubeni, in a bid to further capitalise on its own abundant liquidity through cross-border acquisitions. The company has already been looking for opportunities among those firms hit hard by the financial crisis, indeed this transaction comes hot on the heels of its acquisition of a majority stake in a US power plant in November 2008. The new deal will see TAQA and Marubeni form a 50/50 joint venture, which will own stakes in power generation assets in Jamaica, the Bahamas, Trinidad and Tobago and Curaçao. Marubeni's existing assets in the Caribbean include equity stakes in power generation companies with a combined capacity of 2,300MW. TAQA is 51% owned by state-owned Abu Dhabi Water and Electricity Authority (ADWEA), and is an energy company with operations across the sector from upstream to power distribution.

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