| ABU DHABI
ABU DHABI Jan 9 Abu Dhabi National Energy
Company on Wednesday said it is buying a 50 percent
stake in a wind power project from a subsidiary of France's EDF
in its first such U.S. acquisition.
Owned 75 percent by the government of Abu Dhabi, TAQA will
take a 50 percent interest in the 205.5 megawatt (MW) Lakefield
wind project in Jackson County, Minnesota, TAQA said in a
Taqa did not disclose the price of the acquisition, which is
expected to close in the first quarter of this year.
Under the terms of the agreement, EDF will continue to
provide operation, maintenance and related services. Japan's
Marubeni holds the remaining 50 percent in the project.
"The Lakefield acquisition is a first step in the evolution
of TAQA's global strategy for alternative energy sources. It
complements our existing assets in North America and gives us a
foothold in the fast-growing global wind market," said Saif al
Sayari, Taqa's executive officer and head of energy solutions.
"The knowledge and international footprint established with
this transaction will enable us to take a leading role in
developing other international projects."
TAQA will use available cash on hand to acquire the stake in
Lakefield, a company spokesman said.
TAQA has operations in western Canada and the northern
United States where it produced 88,100 barrels of oil equivalent
per day in 2011.
It also has an interest in a tolling agreement for the Red
Oak power plant in Sayreville, New Jersey.
TAQA's total global power generation capacity in 2011 was
It launched its Energy Solutions division last year to
invest in alternative energy projects such as wind, solar,
geothermal, waste-to-energy and hydropower as well as
unconventional fossil-fuel projects.