- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:41 05:57 12:23 15:50 18:43 19:59
Abu Dhabi National Energy Company (Taqa) yesterday said it has reached an agreement to sell Japan's Sumitomo Corporation a 20 per cent stake in Shuweihat power company.
"Taqa has entered into a share purchase agreement with Sumitomo Corp for the sale of a 20 per cent interest in Shuweihat CMS International Power Company and a 50 per cent interest in Shuweihat O&M Limited Partnership," Taqa said in a statement.
Taqa and Abu Dhabi Water and Electricity Authority will keep majority control of the project, owning 60 per cent, and Sumitomo and International Power will hold 20 per cent each. The statement did not give a value for the deal but a Japanese daily put the value at 20 billion yen (Dh680m).
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