TAQA Sells Tesla Motors Stake

Abu Dhabi National Energy Company (TAQA) sold its stake in US electric car maker Tesla Motors Inc. after the company’s shares surged to a 20 percent high over last year. The 75 percent government owned company made a profit of $113 million after it sold a total of 7,297,139 shares that roughly represents a 7 percent stake in Tesla. However, it declined to disclose how much it received for these shares.

TAQA has been aggressively expanding in the energy sector over the last four years and its latest decision to move away from Tesla was not unexpected. Meanwhile TAQA has announced a 50 percent interest in a Kurdistan power plant, reassessing its interests to expand in the MENA region.

According to Frank Perez, TAQAs executive head of global power and water, Iraq has a great potential when it comes to significant need for power and water. Along with Iran & Kurdistan, power could also be exported to neighboring countries including southern Turkey and Western Iran.

TAQA is buying a 50 percent stake in 1,000 megawatt Mass Global Investment Company which has several assets under its authority. The Sulaymaniyah plant which has been operational since 2009 has a capacity of 750 megawatts with additional 250 megawatts under construction.

Iraq including Kurdistan currently faces a severe shortage of electricity. By 2015, power demand is expected to rise to 16,000MW, but supply is limited to 5,000MW at present. This has fostered investments by the Abu Dhabi company.

TAQA currently has interests in oil and gas drilling in western Canada and the North Sea and is a major shareholder in the Netherlands’ Bergermeer gas storage facility.

Image Credit: Creative Commons CC0 1.0 Universal Public Domain Dedication / www.taqaglobal.com

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One Response to TAQA Sells Tesla Motors Stake

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