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Abu Dhabi National Energy Company (Taqa) announced today that it has entered into the operation and maintenance (O&M) of the Taweelah B Independent Hydropower Plant (Taweelah B IWPP) and acquired an additional stake in the plant.
Taqa has completed the acquisition of BTU’s entire interest in Taweelah B IWPP in the Emirate from BTU Power Company and its liquidators as part of a US$65 million deal.
In particular, Taqa acquired an additional 10% stake in Taweelah Asia Power Company (Tapco), owner of Taweelah B IWPP, thereby increasing Taqa’s overall stake in Tapco to 70%.
Additionally, Taqa acquired a 25% stake in Asia Gulf Power Service Company Limited, Tapco’s O&M contractor.
The transaction will help support Taqa’s commitment to its strategy to achieve additional growth, enhance its O&M capabilities and become a leading developer and operator in the region, including the UAE, Ghana and Morocco.
Generation Farid Al Awlaqi group executive director said Taqa had ambitious growth plans for its UAE power generation business and the deals reflected that ambition.
“Increasing our stake in Taweelah B and enhancing our O&M capabilities demonstrates tangible progress in pursuing our strategic ambitions to strengthen our position as integrated low-carbon power and water champions, creating shareholder and stakeholder the value of the owner,” he pointed out.
The Taweelah B independent power and water plant, owned and operated by Tapco, has a total installed power generation capacity of 2.2 GW and a total installed desalination water capacity of 162 million imperial gallons per day. –trade arab news agency
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