The Abu Dhabi National Energy Company PJSC (Taqa), a publicly listed company on the Abu Dhabi Securities Exchange, has announced that it has completed the sale of a 20 per cent interest in Shuweihat CMS International Power Company (Scipco) and a 50 per cent interest in Shuweihat O&M Limited Partnership (SOMLP) to Sumitomo Corporation.

Scipco owns the Shuweihat S1 plant, a power generation and water desalination facility near Jabal Dhana in 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 per cent interest in Scipco, Abu Dhabi Water & Electricity Authority (Adwea) and International Power Plc (IPR) will continue to hold 6 per cent and 20 per cent, respectively. IPR will also retain its 50 per cent interest in SOMLP.
Before it held a 74 per cent stake in Scipco, Taqa had a 54 per cent stake but acquired an additional 20 per cent 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 per cent stake, the shareholding remains consistent with Adwea’s target of 60 per cent domestic ownership of strategic assets.
Purchased by Taqa for $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 per cent of Emirates CMS Power Company to the Marubeni Corporation in October 2007.
Peter Barker Homek, chief executive officer, said: “Our ability to attract an investor of Sumitomo’s stature once again shows the high regard in which the Abu Dhabi market is held. As one of the global leaders in power generation, we look forward to working closely with Sumitomo as the Abu Dhabi power and desalination operations remain a core business and a key focus for us in the future.”
Founded in 2005, Taqa is a global energy company with a growing asset base approaching Dh86 billion ($23.4 billion). One of the largest companies listed on the Abu Dhabi Securities Exchange with 2007 revenues of more than Dh8 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.
The company has a strong focus on expanding its upstream activities in Europe and North Africa. In the Netherlands it acquired BP Netherlands’ gas exploration and production assets including onshore, offshore and storage facilities in 2007, located in the Dutch Continental Shelf of the North Sea and in the region of Alkmaar in the north-western part of the Netherlands. Taqa’s assets in the North Sea are operated under the subsidiary Taqa Energy BV.  Taqa Offshore BV is a wholly owned subsidiary of Taqa Energy BV.
Taqa employs approximately 2,800 people from 38 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. 
The company carries Aa2 and AA- credit ratings from Moody’s and S&P respectively.