Taqa Completes $174 Million Power-Plant Stake Sale to Sumitomo

By Ayesha Daya

Sept. 28 (Bloomberg) -- Abu Dhabi National Energy Co., the state-controlled investor known as Taqa, sold stakes in the Shuweihat power and water project to Sumitomo Corp., Japan's third-largest trading group, for $174 million.

Taqa completed all contractual procedures for the sale of 20 percent of the Shuweihat S1 power plant and 50 percent of the venture that operates and maintains the plant, the company said today in a statement on the Abu Dhabi bourse Web site.

Taqa and Abu Dhabi Water & Electricity Authority will keep majority control of the project owning 60 percent, and Sumitomo and U.K.'s International Power Plc will hold 20 percent each, Sumitomo said Sept. 4.

Sumitomo will operate the Shuweihat S1 facility that generates 1,500 megawatts of electricity and processes 460,000 metric tons of water a day, together with the International Power.

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