Tuesday 27 April 2010

Taqa set for period of retrenchment

Abu Dhabi National Energy Company, better known as Taqa, may be one of the lesser-known vehicles of Abu Dhabi, but it was one of the emirate's most aggressive overseas investors in the years preceding the financial crisis.

Supported by the steady cash flows of its utilities operations - it owns six power and water plants in Abu Dhabi, and is building another one in Fujairah - Taqa borrowed heavily from banks and capital markets, and went on an energy asset buying spree .

Total assets nearly trebled between 2005 and 2008 to $23bn, while its net debt to equity ratio jumped from 2.8 times to 7.1 times in the same period, as the company aimed to become a large international investor in energy with $60bn of assets by 2012.

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