Qatar Investment Authority buys 6% of Central Maine Power parent Iberdola

 More taxpayer-funded Stimulus funds and ratepayer dollars to go to more and more foreign nations. Iberdola is of course based in Soain and they already have a huge deal with the Abu Dhabi National Energy Company (TAQA), a government controlled energy holding company of Abu Dhabi, United Arab Emirates. (See below)*

 

http://www.chron.com/disp/story.mpl/ap/business/7471174.html

 

Qatar pays $2.8 billion for Spanish power stake

By ADAM SCHRECK

March 14, 2011, 6:58AM

 

DUBAI, United Arab Emirates — An arm of Qatar's sovereign wealth fund agreed Monday to buy more than 6 percent of Spanish power utility Iberdrola SA for just over 2 billion euros, strengthening the gas-rich Gulf nation's financial ties to Europe.

 

As part of the deal, Qatar Holding and Iberdrola said they will work together to develop new electricity-related business projects, mainly in fast growing and emerging markets.

 

Qatar Holding will pay euro2.02 billion ($2.82 billion) for the stake, which will mostly come from nearly issued shares. It said the deal is part of its strategy of building a diverse portfolio of global businesses.

 

"In addition to a strong, stable European franchise, our investment in Iberdrola provides significant exposure to other important global markets including Brazil, Mexico and the United States of America," Qatar Holding managing director and CEO Ahmad Mohamed al-Sayed said in a statement.

 

Iberdrola is boosting its share capital by 6.17 percent as part of the deal. The new shares are valued at euro5.63 apiece — below the euro5.96 its stock fetched on the open market at the close of business last week. It is also selling Qatar Holding euro115 million worth of shares it already had on hand.

 

Once the deal is complete, Qatar will own a total of 6.16 percent of Iberdrola.

 

Iberdrola is Spain's largest utility by market value and the world's biggest wind-power generator. Monday's deal calls for it to set up a regional headquarters and research and development operations in Qatar.

 

Iberdrola said it will use Qatar's cash injection to shore up its finances and pursue deals of its own. It has announced plans to take over Brazilian electricity company Elektro Eletricidade e Servicos SA for 1.7 billion euros, though the acquisition hasn't yet been completed.

 

Qatar Holding is the main investment arm of the OPEC member's Qatar Investment Authority sovereign wealth fund.

 

It has acquired stakes in a number of European companies in recent years as the small peninsular nation rapidly boosted its ability to export liquefied natural gas around the world.

 

Qatar Holding last year agreed to pay up to $2.7 billion for a 5 percent stake in the Brazilian arm of Spain's Banco Santander SA.

 

It also holds big stakes in British bank Barclays PLC and Switzerland's Credit Suisse Group. Other major investments include stakes in automaker Volkswagen AG, British retailer J Sainsbury PLC and the London Stock Exchange.

 

In February, Spanish football club Barcelona agreed to drop UNICEF from the front of its jersey and replace it with a new sponsor, the government-run Qatar Foundation. Qatar, the World Cup host in 2022, is paying Barcelona euro30 million ($40 million) per season for the privilege.

 

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

  

MADRID | Sun May 25, 2008 6:39am EDT

MADRID May 25 (Reuters) - Iberdrola (IBE.MC) said on Sunday it had signed a contract with utility and petroleum producer Abu Dhabi National Energy Co (Taqa) (TAQA.AD), opening investment opportunities in the Middle East for the Spanish energy group.

 

 

Under the contract, both companies will invest in electricity generation, renewable energy and oil exploration and production in the Middle East, North Africa, Europe and North America, Iberdrola said in a statement.

 

 

"This new partnership to analyse investment projects in the international energy sector will benefit both companies, and give Iberdrola the opportunity to grow in new markets like North Africa or the Middle East," said Iberdrola Chairman Ignacio Galan.

 

 

The renewable energy credentials of the world's largest operator of wind farms are of interest to Taqa, 75 percent owned by the Abu Dhabi government which controls over 90 percent of the oil reserves in the United Arab Emirates.

 


 http://www.reuters.com/article/2008/05/25/iberdrola-taqa-idUSL25627...

See website's Fair Use policy.

 

 

 

Views: 344

Comment

You need to be a member of Citizens' Task Force on Wind Power - Maine to add comments!

Join Citizens' Task Force on Wind Power - Maine

Comment by Karen Bessey Pease on March 14, 2011 at 9:10pm

Now why is it, do you suppose, that we never read stuff like THAT in the newspapers???

 

Hmmmm.....

Comment by Whetstone_Willy on March 14, 2011 at 9:09pm

Next time Iberdola spouts off about Maine needing power line upgrades to support "clean renewable wind power", note that according to Wikipedia:

 

In 2005, Qatar had the highest per-capita carbon dioxide emissions, at 55.5 metric tons per person.[22] This is almost double the next highest per-capita emitting country, which is Kuwait at 30.7 metric tons (2005) and they are three times those of the United States. Qatar had the highest per-capita carbon dioxide emissions for the past 18 years. These emissions are largely due to high rates of energy use in Qatar. Major uses of energy in Qatar include air conditioning, natural gas processing, water desalination and electricity production. Between 1995 and 2011 the electricity generating capacity of Qatar will have increased to six times the previous level. The fact that Qataris do not have to pay for either their water or electricity supplies is thought to contribute to their high rate of energy use. Despite being a desert state they are also one of the highest consumers of water per capita per day, using around 400 litres.[23]

Comment by Penny Gray on March 14, 2011 at 7:40pm
This is VERY bad news.  The Saudis have unlimited funds.  Iberdrola needs the tax write-offs and some serious financial backing.  Bringing the two together? A renewable energy circus in our back yard.
Comment by Karen Bessey Pease on March 14, 2011 at 3:24pm

This is rich.  Wind developers are beating their drums and trying to convince Americans that we must build expensive, poor-performing and very intrusive wind facilities everywhere we look in order to reduce our dependence on 'foreign oil', because, as Angus King said, these 'people don't like us very much'.

 

So instead... let's invite the Middle East to own our very wind and have a monopoly on our utilities. 

Does that make sense?  Who is in charge here?  Is it the People?  Or multinational corporations with the power to run roughshod over Americans and our assetts?

 

It's time to put a stop to this.  It's time to stand up and have a say, and take back our power.

 

 

 

U.S. Sen Angus King

THE UNTOLD STORY OF RECORD HILL WIND

The Untold Story of Record Hill Wind, continued

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

Not yet a member?

Sign up today and lend your voice and presence to the steadily rising tide that will soon sweep the scourge of useless and wretched turbines from our beloved Maine countryside. For many of us, our little pieces of paradise have been hard won. Did the carpetbaggers think they could simply steal them from us?

We have the facts on our side. We have the truth on our side. All we need now is YOU.

“First they ignore you, then they laugh at you, then they fight you, then you win.”

 -- Mahatma Gandhi

"It's not whether you get knocked down: it's whether you get up."
Vince Lombardi 

Task Force membership is free. Please sign up today!

Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

© 2024   Created by Webmaster.   Powered by

Badges  |  Report an Issue  |  Terms of Service

Sign in to chat!