|TAQA and THEOLIA: Strategic partnership in Morocco (2008/06/11 7:00 PM)|
Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, and THEOLIA, a leader in the production of electricity from wind energy, signed on June 10th 2008 a strategic partnership agreement in the renewable energy sector in Morocco.
This agreement aims to create a consortium of these two prequalified companies to respond jointly to the international invitation to tender for the construction and operation of a 300 MW wind farm located in Tarfaya, Morocco.
TAQA and THEOLIA further agreed a 50/50 partnership in the Compagnie Eolienne du Détroit (CED), including studying the possibility of optimizing wind sites in Morocco, notably the Abdelkhalek Torres wind farm near the current site of CED. This site, located in the North of Morocco and enjoying excellent wind conditions, offers a double opportunity: the possible repowering of the 84 turbines commissioned in 2000 and the possible extension of the wind farm by several hundred additional MWs(1).
TAQA and THEOLIA are two major players in the production of electricity in Morocco: TAQA owns and operates a 1,356 MW thermal power station, providing about half of the annual electricity production of the Kingdom; THEOLIA, with its 50.4 MW wind farm, is the leading producer of electricity from wind energy in Morocco.
With this alliance, TAQA and THEOLIA display their confidence in the potential of the renewable energy sector in Morocco and the emerging markets in general.
Peter Barker-Homek, Chief Executive Officer of TAQA, said: “Today's announcement is a real milestone for TAQA; it marks our first step into renewable energy. Our strategy is to diversify across the energy value chain in different territories, and by joining forces with THEOLIA in CED we feel that we are in a good position to bid for the new wind farm capacity. This is truly in line with our growth strategy and my vision for the company.”
Jean-Marie Santander, Chairman and CEO of THEOLIA: “This alliance confirms the development strategy of THEOLIA in emerging markets. Together, THEOLIA's expertise and TAQA's strength will give birth to a major player in the production of electricity from renewable energy in Morocco and the emerging markets in general. ”
(1)A repowering and/or extension is subject to the consent of ONE, the Moroccan state electricity company.
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.
THEOLIA is a leading European producer of electricity from renewable energy. THEOLIA is active in France, Germany, Spain, Greece, Italy and in certain emerging countries through its subsidiary THEOLIA Emerging Markets.
THEOLIA trades on the Eurolist B of Euronext Paris under the symbol TEO. The stock is part of the SBF 120 and NEXT 150 indices.
About THEOLIA Emerging Markets
Created in 2007, THEOLIA Emerging Markets is dedicated to the production of electricity from renewable energy and operates exclusively in emerging countries, of which Morocco, India, South America and some Eastern Europe countries. It is based in Casablanca, Morocco.
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