Abu Dhabi National Energy Company has closed a deal to acquire a major stake for about Dh3.68 billion ($1 billion) in a US based power, its chief executive said in a report.

'This is a joint venture between three companies around a specific asset, a power plant,' Peter Barker-Homek was quoted as saying in the Gulf News. 'We are the 85 per cent shareholder in the joint venture.'

The new subsidiary will be called Taqa Gen-X, he added.

Taqa will also initiate a share buy back program to fund an employee stock program after purchasing debt for less than face value, he stated.

The company had earlier paid about $150 million to buy its own 30-year bonds with a face value of $200 million, he added.