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8 April 2008 - According to the Abu Dhabi National Energy Company (Taqa), it is looking to acquire 2000 MW of power generation capacity in North America and 5000 MW of power projects in Saudi Arabia.

Peter Barker-Homek, CEO of Taqa, told reporters that the company is looking at picking up 2000 MW in North America in deals worth in the region of $2bn. He declined to be more specific.

The projects in Saudi Arabia would be worth "upwards of $5bn," said Barker-Homek. In partnership with Zamil, Taqa plans to develop co-generation plants in industrial cities, with up to 5000 MW of power generation capacity. The new power plants in Saudi Arabia would have a construction time of three to five years.

Barker-Homek said Taqa, which is 75 per cent-owned by the Abu Dhabi government, and Zamil would split investment equally in the projects.

Taqa, which last year agreed on more than $10bn of acquisitions from Canada to India, plans to triple the value of assets to $60bn by end of 2012. According to Barker-Homek the company remains on course to achieve this goal.

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