Taqa to Divest Itself of its Sole US Wind Power Asset

Taqa to Divest Itself of its Sole US Wind Power Asset

Abu Dhabi National Energy Co., or Taqa, has filed with US energy regulators to sell its stake in the Lakefield wind power plant in the U.S. state of Minnesota, reported Reuters.

The filing asks for authorisation of the sale by the end of this year. The company had said earlier this year that it had decided to sell the asset.

It assigned a “carrying value” of $40m to the asset but said the sale was expected to fetch more than that amount.

According to The National Taqa’s shares jumped after it said it had received a bid from a Qatari buyer Nebras Power for its 50% interest in the US wind farm.

“Lakefield is the only wind power asset in our portfolio [making it] a non-core asset,” said a Taqa spokesman. Taqa has been reporting losses over the first nine months of this year thanks to the decline in oil prices.

The 137 wind turbine project has the capacity to produce over 200MW – sold to the local utility company under a 20-year power purchase agreement.


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