Arab energy company pays $320 mln for stake in Caribbean power
DUBAI, India (Reuters): Abu Dhabi National Energy Co TAQA.AD (Taqa) paid $320 million for a 50 percent stake in Marubeni Corp’s Caribbean power portfolio, which it had agreed to purchase in February, Taqa said.
The Marubeni portfolio has equity stakes in power generation and transmission facilities with a combined capacity of 2,300 megawatts in Jamaica, Trinidad and Tobago, and Curacao, the company said in a statement.
Taqa is 75 percent owned by the government of Abu Dhabi, and is one the vehicles used by the emirate to invest oil export revenues. Abu Dhabi holds most of the UAE’s oil wealth.