Adwea passes majority stake in IWPP to Taqa
Taqa now owns 54 percent of project.
The Abu Dhabi Water and Electricity Authority (Adwea) is passing 90 percent of its holding in the Shuweihat II independent power and water project (IWPP) to its investment arm Taqa, reports Meed.
Adwea holds a 60 percent stake in the project, which means that Taqa now owns 54 percent of the IWPP. GDF Suez and Marubeni also hold 20 per cent each in the project.
Financing for the 1,500MW IWPP was secured in October 2009, completion and start-up of the plant is scheduled for 2011.
TAQA, the Abu Dhabi National Energy Company is the strategic investment arm of Adwea. The company was established in 2005 and is 51% owned by the authority, and is listed on the Abu Dhabi Stock Exchange.
It owns the majority stake in the holding companies of six of the independent water and power producers (IWPP's) supplying the emirate with power and water. Taqa’s holdings include the Gulf Total Tractebel Power Company, Taweelah Asia Power Company, Emirates SembCorp Water & Power Company, Emirates SembCorp Water & Power Company, Shuweihat CMS International Power Company and the Arabian Power Company.