Global power supplier Abu Dhabi National Energy (TAQA) has sold its 7 percent stake in U.S. electric car company Tesla (NASDAQ:TSLA). The government-controlled company reported a profit of $113 million from the sale, according to an online report by the BBC.
Tesla is best known for its Tesla Roadster, which it markets in 32 countries. The company was just established in 2003, and has seen its shares double in price from $10 in the last two years. Carmakers Daimler and Toyota (NYSE:TM) also own a partial stake in Tesla, which expects to see a profit in 2013 and believes revenues will triple this year, aided by July deliveries of its high-end electric car, the Model S.
TAQA reportedly said the 7.3 million shares transferred to it by the Abu Dhabi Water and Electricity Authority in late 2010 were not a core investment, but it had “admiration for Tesla’s vision, technology and products.” Abu Dhabi is Daimler’s largest shareholder through its sovereign wealth fund Aabar Investments.
While it was unloading its Tesla shares, TAQA was also busy acquiring a 50 percent stake in a power plant in the Kurdistan region of Iraq, according to a report by Middle Eastern English-language news outlet The National. The company already has investments in oil and gas exploration in Kurdistan, and is seeking further expansion in the Middle East and North Africa.
“Iraq represents a unique growth market with significant need for power and water,” said Frank Perez, TAQA’s head of global power and water. “We have been keen to invest in Iraq’s power sector for a while now.” The value of the investment is undisclosed.