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GLOBAL EXPANSION

Taqa acquires stake in US wind project

Abu Dhabi, January 9, 2013

Abu Dhabi National Energy Company (Taqa) has agreed to buy a 50 per cent stake in the 205.5 megawatt (MW) Lakefield wind project located in the Midwestern US from a subsidiary of France-based utility Electricite de France SA (EDF).

The fully operational Lakefield wind project, located in Jackson County, Minnesota, consists of 137 General Electric 1.5 MW wind turbines with the capacity to generate 205.5 MW of emissions-free electricity for more than 68,000 homes, said a statement from Taqa.

The electricity is sold to Indianapolis Power & Light Company, a subsidiary of the AES Corporation, under a 20-year power purchase agreement.

The Lakefield wind project has been supplying the regional transmission system covering the Midwestern US and Manitoba, Canada since 2011.

As per the terms of the agreement, EDF will continue to provide operation, maintenance and related services.

Dr Saif Al Sayari, Taqa's executive officer and head of the energy solutions division, said, "The Lakefield  acquisition is a first step in the evolution of Taqa’s global strategy for alternative energy sources. It complements our existing assets in North America and gives us a foothold in the fast-growing global wind market."

"The knowledge and international footprint established with this transaction will enable us to take a leading role in developing other international projects," he stated.

Taqa currently has operations in western Canada and the northern US where it produced 88,100 barrels of oil equivalent per day in 2011.-TradeArabia News Service




Tags: abu dhabi | Taqa | US | Stake |

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