Power

TAQA owns an 85 per cent interest in a tolling agreement for the Red Oak power generation facility in New Jersey. The company also owns a 50 per cent interest in the Lakefield wind farm in Minnesota.

Red Oak power plant

The Red Oak power generation facility is in Sayerville, New Jersey. TAQA owns 85% of the tolling agreement for the facility through its subsidiary TAQA Gen-X with partner Morgan Stanley owning the remaining 15%.

The Red Oak facility is a combined cycle power generation facility of approximately 832 MW owned and operated by AES Red Oak LLC. The tolling agreement gives TAQA Gen-X the economic rights over the facility, including revenue from the sale of electricity, capacity payments and any other ancillary services. In return, TAQA Gen-X is required to supply the fuel and make certain fixed and variable payments to the operator of the Red Oak facility. Gas is currently procured through gas supply and transport agreements with Public Service Enterprise Group Incorporated (PSEG). The Red Oak Tolling Agreement expires in 2022.

Lakefield wind project

The Lakefield wind project, located in Jackson County, Minnesota, consists of 137 General Electric 1.5 MW wind turbines with the capacity to generate 205.5 MW of emissions-free electricity for more than 68,000 homes.

The Lakefield wind project, located in Jackson County, Minnesota, consists of 137 General Electric 1.5 MW wind turbines with the capacity to generate 205.5 MW of emissions-free electricity for more than 68,000 homes.

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08 Nov 2018

TAQA reports net profit of AED 431 million and AED 3.7 billion debt reduction in first nine months of 2018

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