Bloomberg News

Abu Dhabi’s Taqa Denies Report on Purchase of Dutch Wind Farm

July 10, 2012

Abu Dhabi National Energy Co. (TAQA) said it’s not in talks about buying a controlling stake in a Dutch wind farm, denying a media report that the government-run utility known as Taqa was close to signing an agreement.

Taqa was ready to agree to buy 85 percent of a project to generate electricity using wind-powered turbines from a Dutch investment company called Typhoon Capital BV, De Telegraaf reported today, without citing anyone. Investment in the project would total 5.5 billion euros ($6.76 billion), according to the Amsterdam-based newspaper.

Allan Virtanen, an Abu Dhabi-based spokesman for Taqa, denied the report, speaking today by telephone from the capital of the United Arab Emirates.

Taqa owns shares in businesses that generate power or produce oil and natural gas in the Middle East, North America, the North Sea and India and has allocated about $10 billion to expand those operations or acquire new ones from 2010 through 2014. It borrowed $1.4 billion last month to enlarge a power and water plant in Morocco. The utility agreed in April to acquire half of a generator in Iraq and is boosting electricity output in Ghana.

To contact the reporter on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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