24-03-09 Abu Dhabi National Energy Company PJSC (Taqa) has paid $ 320 mm to acquire a 50 % equity stake in the Caribbean portfolio of Marubeni Corporation. Taqa's acquisition was made under a 50/50 joint venture agreement with the Japanese company and the focus will be on long-term investments in the energy sector in the region.
"The closing of the transaction marks an important milestone in Taqa's global operations. This transaction demonstrates our strategic objective to deliver profitable growth in new and existing markets," Peter Barker-Homek, CEO of Taqa, said.

"We remain committed to seeking out acquisitions that offer stable cash flows and compliment our existing experience and expertise."
"The joint venture with Marubeni enhances our existing diversified energy portfolio and will act as a platform to explore multiple opportunities through long-term investment in the region," he added.

The portfolio includes:
1. 55.4 % equity interest in Grand Bahama Power Company in Grand Bahama;
2. 80 % equity interest in Jamaica Public Service Company in Jamaica, which owns and operates ten generating facilities, including six hydroelectric plants.
3. 39 % equity interest in PowerGen which is an independent power producer that supplies 80 % of total electricity demand in Trinidad and Tobago.
4. 25.5 % equity interest in Curacao Utilities Company which supplies electricity, steam and water to the Island Refinery operated by Petroleos de Venezuela in Curacao, Netherlands Antilles.

Taqa's asset base now stands at $ 24 bn. Taqa's role is operational, with its 50 % interest represented at the board level at each facility and holding key management positions. Taqa said the partnership expands its power assets to 11,650 MW from 10,500 MW; and extends the company's energy value chain to power transmission and distribution.
This year, the company has budgeted capital expenditures of $ 300 mm to $ 500 mm, according to Barker-Homek, but he says the final spending is dependent on the movements in crude oil prices.

Taqa's principal activities include power generation, water desalination and oil and gas production and storage.