Abu Dhabi’s TAQA files for sale of U.S. wind power asset

November 25, 2015 1:49 pm

ABU DHABI, Nov 25 (Reuters) – Abu Dhabi National Energy Co has filed with U.S. energy regulators to sell its stake in the Lakefield wind power plant in the U.S. state of Minnesota, a spokesperson for the company said on Wednesday.

The filing asks for authorisation of the sale by the end of this year, so that the deal could be completed in the first quarter of next year. TAQA declined to give details of the planned sale or say who the buyer would be.

TAQA, majority-owned by the government of Abu Dhabi, bought a 50 percent stake in the 205.5 megawatt project from a subsidiary of France’s EDF in early 2013.

It is the only wind power asset in TAQA’s portfolio; the company said earlier this year that it had decided to sell the asset. It assigned a “carrying value” of 147 million dirhams ($40 million) to the asset but said the sale was expected to fetch more than that amount.

(Reporting by Stanley Carvalho; Writing by Andrew Torchia; Editing by David French)


Mujeeb Rahman
By Mujeeb Rahman
Mujeeb Rahman is a business journalist at AMEinfo. His areas of focus include economy, markets, politics and international relations in MENA and Asia-Pacific regions. An ex-BBC digital journalist, he delves deeper into the subjects that matter most.