Shareholders of the Abu Dhabi National Energy Company (PJSC), also known as TAQA, have approved the transfer of the majority of Abu Dhabi Power Corporation’s water and electricity assets to the company, creating one of the top-10 integrated utilities companies in the region by regulated assets.
The transaction is scheduled to close in the third quarter of the year.
Once the transaction is completed, Taqa’s assets will include majority stakes in almost all power and water generation plants in the UAE.
It will also continue to operate in the USA, Oman, Morocco, India, Saudi Arabia and Ghana, as well as on oil and gas operations in the UK, Netherlands, Canada and Iraq.
“As ADQ seeks to harness and enhance the value and diversity of our investment portfolio to drive Abu Dhabi’s economic growth and prosperity, this transaction demonstrates what that means in highly visible and practical terms,” said Mohamed Hassan Alsuwaidi, CEO of ADQ, vice chairman of ADPOWER and board member of Taqa.
“The energy and power sector remains core to Abu Dhabi’s economy, and is still one of its most strategically important and most potent as a generator of revenue and a multiplier of value,” he added. “Measured by scale and scalability, technical expertise and earning ability, the new combined entity is a true regional utilities champion, and a powerhouse for Abu Dhabi’s future.”
Follow us on
