Abu Dhabi National Energy Company (TAQA) was founded in 2005 and has since grown into an established energy group with some 2,800 employees. Its interests cover several industries including oil and gas, pipelines, structured finance, power generation and desalination.
The company is 51 percent owned by government body Abu Dhabi Water and Electricity Authority. It was incorporated as a joint stock company and is listed on the Abu Dhabi Stock Exchange with $23.40bn in assets and $4.57bn annual revenues.
Last month, the company announced it was investing $2.50bn in various projects across North Africa. These include expanding generating capacity at the industrial port of Jors Lassar, and a 300-megawatt wind farm project in Morocco.
While announcing its plans to invest in Africa, TAQA also completed a $320m deal for a 50 percent stake in the existing Caribbean portfolio of Marubeni Corporation, Japan’s largest trading company. The deal for the Maurubeni portfolio – which has equity stakes in power, generation and transmission facilities with a combined capacity of 2,300 megawatts – was carried out via a joint venture.