The Abu Dhabi Energy Co (TAQA) sold its seven percent stake in the electric carmaker Tesla Motors on the stock market.
The TAQA booked a profit of $113 million from the deal. The company, which is 75 percent owned by the government of Abu Dhabi, rejected to disclose how much it received for the shares.
“We sold all 7,297,139 shares that we held after these were transferred to us from Abu Dhabi Water and Electricity Authority in December 2010. In total, it represents around 7% of all Tesla Motor shares,” said Allan Virtanen, spokesman for TAQA.
Daimler and Toyota Motor, leading global automakers, are the investors in Tesla Motors.
The company is yet to announce a quarterly profit. As per the industry experts to opine, the Tesla expects to turn profitable by 2013 and the revenue in this year is nearly tripling.
“There is a 15 year take or pay agreement (750 MW) in place with the Ministry of Electricity in Kurdistan region. The facility receives gas from an underground pipeline connecting the Khor Mor gas field to the plant,” said Allan Virtanen.
TAQA said in a separate statement that it has invested 50% interest in a Kurdistan Power Plant (KPP). The plant has been operating since 2009. TAQA also stated that the company made a joint venture with Mass Global Investments Company for the deal.
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