The Grand Bahama Power Company is very pleased about the announcement that Abu Dhabi National Energy Company (“TAQA”) has entered into a partnership with Marubeni in its power sector investment in the Caribbean region.
“This is positive for Grand Bahama Power Company and Grand Bahama Island as another very strong investor is introduced to this island, nation and region, in addition to this company,” said E.O. Ferrell, Grand Bahama Power Company’s President and CEO.
It provides additional depth, experience and resources to Marubeni Caribbean Power Holdings as they continue to look for additional opportunities in the Caribbean.
TAQA is a global energy holding company that has interests in power generation, combined heat and water, desalination, upstream oil & gas and pipelines, geographically spread over UK, Netherland, North America, Middle East, Morocco, Ghana and India. Their participation in Caribbean business is highly strategic to them, and will further diversify their portfolio. It is also worth mentioning that TAQA maintains very strong credit ratings: AA- by Standard & Poor's and Aa2 by Moody's. For more detail, you can visit their website (http://www.taqa.ae).
Marubeni and TAQA have multiple joint investments in the Middle East region, which sums up to 4,720MW of power generation and 340MIGD of water production projects in operation. This will be the first expansion of this relationship to another part of the globe.
Regarding the Caribbean investment, both Marubeni and TAQA share a common view in the long-term investment strategy and share the commitment to grow the business in a prudent manner.