Government-controlled utility, Abu Dhabi National Energy or Taqa, has sold its stake in its Caribbean power assets to its partner, Marubeni, The National reports. Taqa and Marubeni each hold 50% stakes in Marubeni Taqa Caribbean, which was formed in a deal worth $320 million in 2009.

The details of the transaction have not been disclosed. Taqa is planning to refocus on its energy production, especially its power and water business development and pay off debt.

Click here for the story from The National.

Click here for the additional coverage fromBloomberg.