Abu Dhabi National Energy Company (Taqa) has announced that it has decided to spend $1.5 billion (Dh5.5bn) on acquisitions in the next six to nine months, and investment targets enatil Iraq's power sector.

Taqa is 75 per cent owned by the government of Abu Dhabi and is one of the vehicles the emirate uses to invest oil money.

The sources said that the company would make a small initial investment of under $250 million in Iraq in the coming few months.

The sources further added that Taqa may also pursue opportunities in Iraqi gas and pipelines, he added.

The company has spent $1.5bn so far this year.

As per media reports, Taqa aims to transform itself into an integrated international energy company after starting out in 2005 as an Abu Dhabi utility.

It envisages to almost triple assets to $60bn by the end of 2012 from about $23bn it held late last year. The UAE is the world's third-largest oil exporter.