TAQA outlines plans for 500MW Baghdad plant
Abu Dhabi agency expecting strong Q3 growth
Abu Dhabi National Energy Co - Taqa - has outlined plans to build a 500MW power plant in Baghdad beginning this year.
Taqa is also expecting strong third quarter growth in 2009, close to levels seen during the same period last year, the firm's CEO said in an interview.
"Quarter-on-quarter you'll see a growth in income, and I expect 2010 to be good, maybe getting us back to levels very close to 2008," said Peter Barker-Homek, the outgoing CEO of Taqa, who was speaking to Reuters.
The news agency added that Taqa planned to spend an initial US $250 million in Iraq over the coming months and more investment would follow as security improved.
"We have a plan to go into Iraq every other week, we've been working with the government of Baghdad and looking where the power grid needs reinforcement," said Barker-Homek.
Taqa is also looking at developing hot and cold water plants in industrial parks around Baghdad with an Abu Dhabi based firm, said Barker-Homek.