Abu Dhabi, the capital city of the United Arab Emirates, might be working hard to ensure that the oil-producing nation becomes more environmentally friendly--but that hasn’t stopped its state-owned utility company from selling its 7 percent stake in Californian electric automaker Tesla Motors [NSDQ:TSLA]
Abu Dhabi National Energy Co. (TAQA), which is 75 percent owned by the Abu Dhabi government, said the sale earned it a profit of $113 million.
Transferred to TAQA in December 2010, the 7.3 million shares were originally purchased from Tesla by the Abu Dhabi Water and Electricity Authority, a private joint stock company responsible for the sole purchase and wholesale of electricity and water in Abu Dhabi.
According to Automotive News (subscription required), a spokesperson for TAQA said that it had “admiration for Tesla’s vision, technology and products,” but that the carmaker was a “non-core investment," despite the highly-anticipated launch of the 2012 Tesla Model S sedan later this year.
While TAQA is no longer a direct investor in Tesla, however, Abu Dhabi’s sovereign wealth fund Aabar Investments is a top shareholder in Daimler and Toyota, which in turn own shares in Tesla.
The impact of the sale of 7.3 million Tesla shares has yet to fully play out on the Nasdaq Market, which opens for the first time today since the Easter break.