TAQA files for sale of US wind power as­set

Kuwait Times - - BUSINESS -

ABU DHABI: 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.

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