TAQA to buy 50 per cent stake in US power project

TAQA-powerAbu Dhabi National Energy Company (TAQA) has agreed to buy a 50 per cent interest in the US-based Lakefield wind project from a subsidiary of France-based utility Electricite de France SA (EDF)

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

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

Dr Saif Al Sayari, executive officer and head of the Energy Solutions division at TAQA, 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.”

Subject to fulfilment of conditions precedent, including customary regulatory and third party approvals, the acquisition of the Lakefield wind project is expected to close in Q1 2013.

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

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