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Abu Dhabi National Energy Co. (TAQA) has sold its entire stake in an Indian power company for approximately 387 million dirhams ($105 million).
The Abu Dhabi-listed integrated utility company divested its 100% stake in TAQA Neyveli Power Company Private Limited to MEIL Energy Private Limited, an affiliate of Megha Engineering & Infrastructures Limited (MEIL), an India-headquartered diversified conglomerate.
TAQA Neyveli owned and operated the 250 MW lignite-fired power plant located in the state of Tamil Nadu, India.
Following the transaction, TAQA has fully exited its interest in TAQA Neyveli. The company will now focus on low-carbon, highly flexible gas-fired power generation and, through its stake in Masdar, renewable energy investments.
Farid Al Awlaqi, CEO of TAQA’s Generation business, said the sale represents "an adjustment to our generation portfolio as we continue progressing towards a more sustainable energy mix”.
(Writing by Brinda Darasha; editing by Daniel Luiz)
