TAQA Restructures Leadership Team

Carl Sheldon is appointed General Manager and takes over the day to day running of the company

Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced a restructuring of its senior management team, as the Company moves into a new phase of development.

As part of the management restructuring, Carl Sheldon has been promoted to General Manager, with day to day operational responsibility for TAQA. Carl was previously Deputy General Manager and General Counsel. Peter Barker-Homek will step down as Chief Executive Officer.

H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of the Board, commented: “We welcome Carl Sheldon to the newly created post of General Manager. Carl is well known and respected within the group and brings to the role, experience in both power and upstream business.”

“Peter’s energy sector M&A experience made him ideal to help establish TAQA in its early days and I want to thank him for his contribution. TAQA is moving into a new phase of development with the strategic focus of the company now shifting to the continued integration of the global business and investing in our existing network.”

Peter Barker-Homek commented: “When I took on this role a little over 3 years ago, the Board tasked me to identify key acquisitions which would establish TAQA as a global company and give it a critical mass in three distinct segments.

“I believe that with this first phase of development now largely complete, I have decided to pursue other career ambitions.”

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 of over AED 90 billion (US$ 24.5 billion). One of the largest companies listed on the Abu Dhabi Securities Exchange (ADX), with 2008 revenue of more than AED 16 billion (US$ 4.4 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 41 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 an Aa2 credit rating from Moody’s.
 

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