The Abu Dhabi National Energy Company PJSC has recently announced the successful completion of its planned acquisition of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy. The Abu Dhabi based global energy company will own and operate CMS generation with operations in five countries.
The deal was first announced last February. CMC generation will remain headquartered in the United States.
In addition, TAQA has purchased ABB’s interest in the Jorf Lasfar (Morocco) and Neyveli (India) power plants. The total acquisition provides TAQA with an additional 2,477 MW (gross) of generation capacity; adds an experienced staff of approximately 800 and further deepens TAQA’s skills as a best-in-class Independent Water and Power Plant (IWPP) developer and operator. This will bring TAQA’s total (gross) generation capacity to just over 10,000MW.
“TAQA’s acquisition of CMS generation makes TAQA the IWPP with the world’s highest credit rating, further positioning TAQA as a reliable global energy partner,” said Peter Barker-Homek, CEO of Abu Dhabi National Energy Company.
The acquisitions place TAQA in four new countries and further its interests in two power and desalination plants in the UAE. TAQA intends to further develop its asset base as a fully integrated energy company. 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 significantly expand its international presence. TAQA carries an Aa3 and A+ credit rating and was recently presented with the Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.