TAQA raises US$ 3.5 billion in bid to enhance Abu Dhabi’s position as global energy player
The CEO of Abu Dhabi National Energy Company (TAQA) today confirmed that the Abu-Dhabi government-back investment body has successfully raised USD 3.5 billion as part of a long term strategy to expand Abu Dhabi’s reach within the global energy market.
Speaking on the sidelines of the annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), CEO Peter Barker-Homek said that the company has aggressive plans for international growth over the next five to ten years.
“TAQA has raised 3.5 billion dollars on the back of a very successful bond issuance last week, which provides us with a strong basis to continue the development of our business on a global basis,” he said.
“With hundreds of billions of dollars needed over the next decade to fully develop the world’s energy infrastructure, TAQA sees enormous demand for its offering,” Barker-Homek added.
The company, which invests in a range of power, energy and water plants, already has in excess of USD 8.7 billion in assets.
In October, international ratings agency Moody’s said that they viewed TAQA as “being entrusted with establishing Abu Dhabi as a credible and reliable player in the global market place.”
Because the company majority owns close to 85% of Abu Dhabi’s power generation and water desalination capacity, it is responsible for one of the country's most strategically important assets.
TAQA is a global energy company with investment capabilities in power generation, CHP, desalination, mining, renewables, upstream oil/gas, refining/retail, pipelines, metals, services, structured finance and the creation, syndication and management of assets. TAQA was founded in Abu Dhabi in 2005 and is listed on the Abu Dhabi Stock Exchange. It has in excess of AED 31bn in assets, turnover of AED 3.3bn, and in excess of 7,000 MW (gross) of installed generation.
TAQA is head quartered in Abu Dhabi and is majority shareholder with 6 IWPP’s in Abu Dhabi. The Abu Dhabi Water and Electricity Authority own a 51% stake in TAQA, 24.1 % owned by the Farmers fund and 24.9% by public shareholders.
© 2006 Al Bawaba (www.albawaba.com)
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