Emirates Global Aluminium (EGA), Abu Dhabi National Energy Company PJSC (TAQA), Dubal Holding and Emirates Water and Electricity Company (EWEC) announced Wednesday a new plan to develop solar power generation in Abu Dhabi, optimise power generation, and decarbonise aluminium production by EGA in the UAE.
The announcement will be subject to further negotiation and regulatory approvals in Abu Dhabi and Dubai.
As part of the agreement, TAQA and Dubai Holding plan to acquire EGA’s electricity generation assets in the UAE, holding a 50 percent share each. The power generated from the acquisition will then be supplied to the grid under a long-term power purchased agreement, with dispatch through EWEC.
“Today, we are taking another historic step towards achieving net zero greenhouse gas emissions by 2050. We are also assuring that EGA’s global competitiveness will strengthen over the decades ahead, not only as the world’s largest ‘premium aluminium’ producer but also one of its most environmentally-responsible,” Abdulnasser Bin Kalban (above), Chief Executive Officer of EGA, said.
Othman Juma Al Ali, Chief Executive Officer of EWEC, said: “This initiative supports EGA in making a powerful statement in their sustainability goals, and ensures EWEC can continue to significantly invest in our strategic clean energy initiatives and achieve greater efficiencies from our existing fleet through optimised operations … Through this initiative we can secure new solar power generation capacity, diversify our power production portfolio with a focus on sustainability, and further advance our decarbonisation of the energy sector.”
TAQA’s operating company, Abu Dhabi Transmission and Despatch Company (TRANSCO), will connect the power assets to the grid, and invest in developing the interconnections to upgrade the network to include new substations in the UAE.
“At TAQA, we have set out our plans for sustainable growth, and the potential acquisition of EGA’s power assets supports our 2030 ambitions to add value for our stakeholders while further supporting the UAE’s sustainability efforts. Working together with EGA, Dubal Holding and EWEC, we will enable EGA to connect to a diverse energy mix as well as allow for the development of additional renewable energy projects in Abu Dhabi,” Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, said.
Ahmad Hamad Bin Fahad, Chief Executive Officer of Dubal Holding, said: “Supporting the environment through systematic and careful investments in green energy projects aligns with our broader investment strategy and mandate. There is a global alignment to reduce our carbon-footprint and we are excited to pursue this initiative by supporting EGA with its goal to achieve net-zero emissions by 2050.”
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