SOMLP Is The Company Responsible For The Management, Operation And Maintenance Of The S1 Plant.
The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced that it has completed the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O&M Limited Partnership ("SOMLP") to Sumitomo Corporation.
SCIPCO owns the Shuweihat S1 plant (“S1 Plant”), a power generation and water desalination facility near Jabal Dhana, Abu Dhabi with a net production capacity of 1,500 megawatts of electricity and 100 million imperial gallons of desalinated water a day. SOMLP is the company responsible for the management, operation and maintenance of the S1 Plant. The S1 Plant commenced commercial operations in June 2005.
TAQA retains a 54% interest in SCIPCO, Abu Dhabi Water & Electricity Authority (“ADWEA”) and International Power Plc (“IPR”) will continue to hold 6% and 20%, respectively. IPR will also retain its 50% interest in SOMLP.
Of its 74% stake in SCIPCO TAQA originally held a 54% stake but acquired an additional 20% through its purchase of CMS Generation, an international portfolio of energy and utility assets. This sale to Sumitomo returns TAQA to its original position, and combined with ADWEA’s 6% stake is consistent with ADWEA’s target of 60% domestic ownership of strategic assets.
Purchased by TAQA for US$900 million in May 2007, the CMS portfolio also included assets held in Morocco, Saudi Arabia, Ghana, UAE and India. CMS Generation has subsequently been renamed TAQA Generation. TAQA completed a similar sale of 40% of Emirates CMS Power Company to the Marubeni Corporation in October 2007.
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