RJR News understands that Marubeni, the Japanese company
which holds majority shares in local power company JPS, has sold some of its
Caribbean power company holdings to a Dubai
firm.
It is understood that Marubeni has partnered with the Abu Dhabi National Energy Company PJSC, listed on the Dubai stock exchange as TAQA.
RJR sources say the move is a way for the cash challenged Japanese company to refinance its Caribbean power holdings, which include the JPS.
Efforts to get a comment from the company resulted in RJR News being directed to Marubeni's representative in Florida.
However calls to that number over the last three days as well as email queries have gone unanswered.
Wednesday, the company issued a release saying that Marubeni Caribbean Power Holdings has been in talks for several months with a number of companies about creating a partnership for ownership of its Caribbean assets.
Marubeni says its objective is to identify a company with strong technical and financial capabilities that can enhance operations.
Aditionally, the company says any long-term partner it takes on, will play a major role in implementing plans to aggressively pursue fuel diversification as part of regional expansion plans.
The Government of Jamaica, which has approximately 20% share ownership of JPS, is said to have been made aware of Marubeni's plans to take on an partner.
While the power company has not officially confirmed the deal with the Dubhai company, it says, an official announcement will be made once discussions are completed.
The prospective partner company, TAQA, was founded in 2005 with the objective of becoming a global leader in the energy sector.
The company is 51% owned by Abu Dhabi Water and Electricity Authority (ADWEA) which is a Dubhai government authority.
It is listed on the Abu Dhabi stock exchange with a combined US$18.5 billion in assets and revenues in excess of US$2.26 billion annually.
It is understood that Marubeni has partnered with the Abu Dhabi National Energy Company PJSC, listed on the Dubai stock exchange as TAQA.
RJR sources say the move is a way for the cash challenged Japanese company to refinance its Caribbean power holdings, which include the JPS.
Efforts to get a comment from the company resulted in RJR News being directed to Marubeni's representative in Florida.
However calls to that number over the last three days as well as email queries have gone unanswered.
Wednesday, the company issued a release saying that Marubeni Caribbean Power Holdings has been in talks for several months with a number of companies about creating a partnership for ownership of its Caribbean assets.
Marubeni says its objective is to identify a company with strong technical and financial capabilities that can enhance operations.
Aditionally, the company says any long-term partner it takes on, will play a major role in implementing plans to aggressively pursue fuel diversification as part of regional expansion plans.
The Government of Jamaica, which has approximately 20% share ownership of JPS, is said to have been made aware of Marubeni's plans to take on an partner.
While the power company has not officially confirmed the deal with the Dubhai company, it says, an official announcement will be made once discussions are completed.
The prospective partner company, TAQA, was founded in 2005 with the objective of becoming a global leader in the energy sector.
The company is 51% owned by Abu Dhabi Water and Electricity Authority (ADWEA) which is a Dubhai government authority.
It is listed on the Abu Dhabi stock exchange with a combined US$18.5 billion in assets and revenues in excess of US$2.26 billion annually.
All feeds
