Abu Dhabi's Taqa sells stake in Caribbean business

AP, Wednesday 19 Jan 2011

The company says sale to its Japanese business partner resulted in neither a gain nor a loss

The state-backed Abu Dhabi National Energy Company says it has sold its stake in a Caribbean power venture for $320 million.

The company, which goes by the name Taqa, said in a regulatory filing Wednesday the sale to its business partner Marubeni of Japan resulted in no gain or loss.

Taqa bought a 50 per cent stake in Marubeni's existing Caribbean operations just under two years ago. The portfolio included majority stakes in power companies in the Bahamas and Jamaica, and smaller interests on other islands.

A majority of Taqa is by the oil-rich government of Abu Dhabi, the capital of the United Arab Emirates, though more than a quarter of its shares are available to the public.

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