Taqa to construct $850mln power plant over environmental concerns
Abu Dhabi-based global energy company, Taqa, is working on plans to build a 100 megawatt, $850 million utility scale waste-to-energy plant in Abu Dhabi to generate power for 20,000 households and reduce up to 1,000,000 tonnes of landfill waste from reaching Al Gharbia, a senior company executive said here yesterday.
Dr. Saif Al Sayari, executive officer and head of Energy Solutions at Taqa, told reporters on the sidelines of a conference that Taqa has completed the feasibility study for the power plant, the commissioning of which will also help reduce 1,000,000 tonnes of carbondioxide (CO2) per year. The plant will generate power from plastic, paper and house waste, but won’t include demolition waste, he added.
“Within the next two months, we will be selecting pre-qualified contractors. These companies will be invited to take part in the tendering process,” Al Sayari added.
He said it will take two years to complete the power project and the proposed plant should be operational by 2016-2017.
Earlier this month, Taqa said its fiscal first quarter net profit fell 80 per cent to Dh106 million while revenues declined 6 per cent from the same quarter a year earlier to Dh5.42 billion.
“The decline was principally driven by the shut-down of Cormorant Alpha, the discount on crude oil in Canada as well as the absence of the gains on disposals that were made in the first quarter of 2012,” Stephen Kersley, Taqa’s chief financial officer said in a media call at the time.
Taqa said its average global daily oil and gas production was 127,000 barrels of oil equivalent a day, compared with 134,000 bpd in the same period last year, a fall of 5 per cent.
Taqa’s stock ended at Dh1.30 yesterday, 0.78 per cent higher from its previous close on the Abu Dhabi Securities Exchange.