- Both companies will explore co-investment and development opportunities in the Middle East, North Africa, Europe and North America
IBERDROLA, S.A. ABU DHABI NATIONAL ENERGY COMPANY PJSC (TAQA) TO EXPLORE CO-INVESTMENT OPPORTUNITIES
Ignacio Galán, Chairman and CEO of Iberdrola, and Hamad Al Hurr Al Suwaidi, Chairman of TAQA and Under Secretary of the Department of Finance of the Government of Abu Dhabi, signed an agreement today in Abu Dhabi, capital of the United Arab Emirates
Iberdrola, S.A., the world’s 4th largest electricity company, energy sector leader in Spain and world leader in renewable energy, today announced that it has signed a Memorandum of Understanding (MoU) with Abu Dhabi National Energy Company PJSC (TAQA).
The MoU, that was signed today in Abu Dhabi by Ignacio Galán, Chairman and CEO of Iberdrola, and Hamad Al Hurr Al Suwaidi, Chairman of TAQA and Under Secretary of the Department of Finance of the Government of Abu Dhabi, is a commitment to explore co-investment and development opportunities in power generation, renewables and upstream assets in the Middle East, North Africa, Europe and North America.
A Joint Development Committee will be created to manage the relationship, consisting of senior representatives of each company.
Ignacio Galán said that “this memorandum of understanding, that we have signed with a company as prestigious as the Abu Dhabi National Energy Company, is consistent with Iberdrola’s clear strategic focus on international expansion over the past few years. Thanks to this strategy, the Company has become the 4th largest in the world energy sector by market capitalization, the leading Spanish energy company and world leader in wind power.”
For the Iberdrola Chairman and CEO, “this new agreement to collaborate in identifying energy investments around the world will benefit both companies, and specifically Iberdrola through the opportunity to grow in new markets such as North Africa and the Middle East with a partner that is already active there, as well as potential to continue building its already significant presence in Europe and North America.”
Commenting on the announcement, Peter Barker-Homek, Chief Executive Officer of TAQA, said: “Both TAQA and Iberdrola share a vision of global growth and diversity. Today’s announcement is in line with TAQA’s growth strategy to target investment opportunities across the energy value chain in different territories, and with Iberdrola’s successful track record, I believe this will be a very strong partnership.”
“The regions we have identified as a focus are places where TAQA currently has assets and we have significant potential to build on our presence in these areas. Furthermore, I have always been vocal about my commitment to take TAQA into renewables, and with Iberdrola’s position as market leader in this area, this agreement will open a number of interesting doors.”
About Iberdrola, S.A.
Iberdrola is a global, publicly listed company, with a 107-year history of contributing to the development of the energy sector, and of providing quality and security of supply. Following a period of vigorous international expansion starting in 2001, Iberdrola is today the 4th largest electricity company in the world by market capitalization, with operations in around 40 countries and more than 25 million customers.
Over the past seven years, Iberdrola has grown in size by 4.5 times and increased its stock market value to nearly $80.5 billion at the end of 2007. This significant growth has gone hand in hand with a large increase in capacity and production. The Company now has an installed capacity of 42,500 MW and a balanced, efficient and diversified generation mix, ensuring the ability to respond to any eventuality.
A firm and pioneering commitment to cleaner generation technology and respect for the environment have confirmed Iberdrola as world leader in wind power. Through its subsidiary, Iberdrola Renovables, it has an operating capacity of 8,200 MW and a project pipeline of more than 43,000 MW, half of which is in the United States.
The Company’s Strategic Plan for 2008-10 sets investments of more than $37.2 billion to meet ambitious targets, among which are achieving a renewable energy capacity of 13,600 MW, optimizing service quality for customers and achieving a net profit of more than $5,400 billion.
Through its engineering and construction subsidiary, Iberdrola is developing several projects for third parties in the Middle East, among them the construction of the largest combined cycle power plant in the region, the 2,000 MW facility in Messaied (Qatar). It is also building the open cycle plant at Fujairah in the UAE (225 MW) and the 150 MW thermosolar plant at Kuraymat in Egypt, and is involved in other projects under way.
About Abu Dhabi National Energy Company PJSC (TAQA)
Founded in 2005, TAQA (Abu Dhabi National Energy Company (PJSC)) is a global energy company with a growing asset base that exceeds AED 86 billion (USD 23.4 billion). One of the largest companies listed on the Abu Dhabi Securities Market (ADSM), with 2007 revenues of more than AED 8 billion (USD 2 billion), TAQA is a flagship corporation for the Government of Abu Dhabi.
TAQA’s strategic goal is to build and operate a geographically diverse global portfolio of energy businesses across the value chain. It has operations in power generation, water desalination, upstream oil/gas, pipelines, and gas storage.
TAQA employs approximately 2,800 people from 38 different nations and operates from its offices in: Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam; Calgary and The Hague. This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India.
TAQA carries Aa2 and AA- credit ratings from Moody’s and S&P respectively.