Taqa to spend $1.5bn on M&As

Abu Dhabi National Energy Company (Taqa) plans to spend $1.5 billion (Dh5.5bn) on acquisitions in the next six to nine months, and investment targets include Iraq's power sector, said chief executive yesterday.

Taqa is 75 per cent owned by the government of Abu Dhabi and is one of the vehicles the emirate uses to invest oil money.

The company would make a small initial investment of under $250 million in Iraq in the next few months, and would spend more later as security improved, said Taqa Chief Executive Peter Barker-Homek.