Abu Dhabi’s Taqa to buy local water firm for $463m By Pramod Kumar June 21, 2023, 6:35 AM Wam Abu Dhabi's Taqa will lead the operation and maintenance of Saudi Arabia's Juranah water reservoir project in Makkah Deal sees Taqa acquire SWS Holding’s outstanding shares Efficient water management key to reducing emissions says CEO Abu Dhabi National Energy Company (Taqa) has signed an agreement to buy UAE-based Sustainable Water Solutions Holding Company (SWS Holding) for AED1.7 billion ($462.91 million). Launched in May, SWS Holding took ownership of Abu Dhabi Sustainable Water Solutions Company (ADSWS), the entity behind the emirate’s wastewater collection, treatment and reuse. As part of the deal, Taqa will acquire all outstanding shares of SWS Holding, with 50 percent of the consideration paid upon completion and the remaining 50 percent paid one year after completion. Taqa invests $31m into Xlinks Morocco renewables project Taqa and Adnoc pair up on $2.4bn seawater project Taqa Q1 net income surges to $3.16bn on Adnoc Gas stake Taqa will make an additional payment in 2024 linked to net profits generated during 2023, the Abu Dhabi stock exchange-listed firm said in a statement. Jasim Husain Thabet, Taqa’s group CEO and managing director, said the efficient management of water will play a key role in enabling the UAE to reduce greenhouse gas emissions. “By bringing the management of recycled water together with Taqa’s water desalination activity and our recycled water network, we can do even more to support the net zero target by 2050,” he said. SWS Holding will add approximately AED16 billion to Taqa’s existing regulated asset value of AED75 billion, securing cash flow and long-term earnings for the Abu Dhabi energy firm. ADSWS will operate under and benefit from the same regulatory controls set by the Abu Dhabi Department of Energy that govern Taqa’s existing UAE transmission and distribution businesses. ADSWS has a network of sewer pipelines extending to over 12,000 km and has a sewage treatment capacity of approximately 1.3 million cubic metres per day from its 37 treatment plants. In addition, it holds a 60 percent stake in two companies that own four plants in the emirate. The transaction is expected to complete this year. Taqa is owned 90.03 percent by Abu Dhabi Power Corporation (ADPower) and 7.30 percent by Multiply Group. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
