• 10 Dec 2008
  • North America

TAQA and RBS Sempra Commodities announce creation of TAQA Gen X joint venture

New York / Abu Dhabi / Ann Arbor – Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, and RBS Sempra Commodities, a leading commodity company, today announced the creation of TAQA Gen X, a joint venture focused on investments in the downstream energy business in North America.TAQA Gen X also announced its first investment today; an agreement to acquire from JPMorgan all of the outstanding equity interest in JPMorgan’s indirect subsidiary BE Red Oak Holding LLC, which will result in the transfer of control of BE Red Oak LLC. BE Red Oak LLC holds a tolling agreement for the Red Oak power plant (Red Oak) located in Sayreville, New Jersey.The terms of the acquisition were not disclosed. The transaction is subject to various regulatory approvals, including approval from the Federal Energy Regulatory Commission.TAQA Gen X filed an application for FERC approval on November 14, 2008. Red Oak is an 830 MW combined cycle gas turbine power plant which is located within the PJM interconnection, L.L.C., region. TAQA Gen X will not own or operate the plant. Operations will
continue to be run by AES Red Oak L.L.C., a subsidiary of AES, which has operated the plant since the start of commercial operations.TAQA’s primary involvement in the joint venture will include long-term strategic decision-making, while RBS Sempra Commodities will provide trading infrastructure and expertise, manage commodity risks associated with the plant and procure the gas required to operate and dispatch the facility. Commenting on the JV’s first acquisition, Peter Barker-Homek, Chief Executive Officer of TAQA, said: “This joint venture further reinforces TAQA’s strategic objectives of becoming a fully integrated global energy company. Working with local and national stakeholders, TAQA Gen X will play an active role in ensuring the long-term power demands for the region continue to be met. We plan on scaling the JV over time to managing some 10,000 MW of clean burning, high efficiency and environmentally friendly power.”“RBS Sempra Commodities brings world-class energy and risk management skills to the joint venture and we believe that together we will create a market leading energy partnership, which is well equipped to make the most of downstream investment opportunities.” Reflecting on the relationship, David Messer, RBS Commodities Chief Executive Officer, said: “The combination of the RBS Sempra Commodities’ energy risk management platform with TAQA’s worldclass operational and asset management experience, creates a powerful growth platform to take advantage of opportunities in the US power market.”- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL

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