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TAQA to acquire CMS Generation
By Jamal AL MAJAIDA

The Abu Dhabi National Energy Company (TAQA) announced on Feb. 6 the purchase of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy (CMS).

When finalized, the deal will provide TAQA with an additional 4,300 MW (gross) of generation capacity and further deepen its skills as a best-in-class independent water and power plant (IWPP) developer and operator.

The transaction places TAQA in four new countries (Morocco, Saudi Arabia, Ghana and India) where Abu Dhabi has excellent relations and deepens TAQA's interests in two power/water plants in the U.A.E.

TAQA intends to further develop its asset base as an upstream, midstream, and downstream energy company.

The sale is subject to the usual government and third party consents. "We are hoping the existing lenders to the Moroccan power plant -Jorf - remain as lenders to the project and also provide speedy consent so the parties can conclude the transaction quickly. TAQA plans to participate in the growing power needs of Morocco and the region," said Peter Barker-Homek.

TAQA further revealed that it would also acquire the interests of CMS Generatio's JV partner ABB in Morocco and India.

This transaction is part of TAQA's stated strategy to acquire power and water facilities in the Middle East, North Africa, Europe, India, and Pakistan, in order to expand its international presence significantly, said the company in a press release on Tuesday.

"This stock purchase agreement facilitates TAQA's acquisition of significant energy infrastructure and supports our drive for international growth and continued overseas development through direct investment," said Barker-Homek.

"The transaction will allow TAQA to continue to develop internationally and to build the management infrastructure necessary to support our continued evolution," he added. "It complements the recently announced joint venture in India with a prominent Indian partner, ILFS, to develop 10,000 MW of power generation throughout India."




 

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