Company Insights Abu Dhabi National Energy Company (Taqa) Energy Abu Dhabi National Energy Company (Taqa) Overview The Abu Dhabi National Energy Company – Taqa – provides power generation and water desalination. The company currently operates in 11 countries across four continents. Taqa’s origins lie in Abu Dhabi’s 1998 government initiative, which sought to privatise the emirate’s water and electricity sector with the establishment of the Abu Dhabi Water and Electricity Authority (Adwea). Taqa was founded in June 2005 as a public joint stock company, with Adwea holding 51% of the company. Making numerous acquisitions in Africa and North America, Taqa expanded rapidly. Then in 2008 it bought several North Sea assets from Shell and Esso in the UK. In July 2020, Taqa and Abu Dhabi Power Corporation (ADPower) announced the successful completion of their merger. Under the deal, ADPower transferred the majority of its power and water generation, transmission and distribution assets to Taqa in exchange for over 100 billion new shares. With total assets estimated at around AED200 billion ($54 billion) Taqa is the third largest listed company in the UAE and one of the top 10 utilities companies in Europe, the Middle East and Africa. Revenues reached AED27 billion in the first half of 2024, up two percent on the same period in the previous year, due to the contribution from Abu Dhabi’s Sustainable Water Solutions Holding Company, which was acquired in June 2023. Taqa has operations in Canada, Ghana, India, Morocco, Netherlands, Oman, Saudi Arabia, the UK and US as well as the UAE. Abu Dhabi National Energy Company (Taqa) News Renewable Energy Masdar-led consortium to build Saudi solar plant Masdar, the UAE clean energy company, has won a contract with Chinese and South Korean partners to develop a 2GW solar project in Saudi Arabia. The company, along with its partners GD Power of China and the Korea Electric Power Corporation, will build the plant at Al Sadawi, about 500km north of Riyadh in the […] November 20, 2024 Infrastructure Saudi Arabia announces winning bidders for water pipeline State-backed Saudi Water Partnership Company expects commercial operations at its Jubail-Buraydah independent water pipeline project to start in the first quarter of 2029. The plan follows its announcement about the preferred and reserve bidders for the water project. A Saudi consortium, comprising Al Jomaih Energy & Water Company, Nesma Company and Buhur for Investment Company, […] November 13, 2024 Construction ADQ unveils plans for Ras El Hekma Egyptian project Abu Dhabi sovereign wealth fund ADQ has revealed plans for the Ras El Hekma mega development, which is expected to contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs both directly and indirectly. The sovereign fund has appointed Abu Dhabi-listed Modon Holding as the master developer for the 170 million sq m project. […] October 7, 2024 Renewable Energy Acwa Power-Sumitomo tie-up for Uzbekistan projects Saudi energy company Acwa Power and Japan’s Sumitomo Corporation will jointly develop renewable energy projects worth $4.2 billion in Uzbekistan. The first set of projects include Sazagan 1 and 2 in Samarkand, each consisting of a 500 megawatt (MW) solar PV plant and 334MW battery energy storage systems (BESS). These projects are slated to begin […] October 1, 2024 Finance ADQ’s $2bn bond issue draws fourfold demand Order books for the $2 billion bond sale by Abu Dhabi’s ADQ crossed $8 billion as it plans to diversify it funding sources to support new acquisitions. The sovereign wealth fund issued two tranches: a $1 billion seven-year bond at 85 basis points (bps) over US Treasuries and a $1 billion 30-year bond priced at […] September 26, 2024 EXCLUSIVE Renewable Energy Masdar ‘on the lookout’ for deals in China, says CFO Masdar, Abu Dhabi’s state-owned clean energy company, is looking to acquire assets in China as part of its strategy to expand its portfolio of renewable energy projects. Mazin Khan, its chief financial officer, told AGBI that “macroeconomic conditions, with high interest rates and renewable players looking for capital” were opening the door for mergers and […] September 5, 2024 Infrastructure UAE company involved in $1bn project in Uzbekistan A consortium, which includes an Abu Dhabi state-owned company, is set to develop a $1 billion wastewater treatment plant in Uzbekistan. The group, comprising Abu Dhabi Sustainable Water Solutions Company, Japan’s Marubeni Corporation and France’s Suez, signed a development agreement with Uzbekistan’s investment, industry and trade ministry and state-run Uzsuvtaminot JSC. The project, located in […] August 15, 2024 Energy Taqa first-half profit falls despite rising revenues Abu Dhabi National Energy Company (Taqa) said net profit attributable to shareholders fell 68 percent year on year to AED4.4 billion ($1.2 billion) in the first half of 2024. Revenues reached AED27 billion, up 2 percent than the prior year’s period, due to the contribution from Sustainable Water Solutions Holding Company, which was acquired in […] August 14, 2024 Renewable Energy Masdar and TotalEnergies team up to produce SAF Masdar, the UAE’s state-backed clean energy company, has partnered with the French energy major TotalEnergies to develop the commercial production of sustainable aviation fuel (SAF) using methanol produced from green hydrogen in Abu Dhabi. The two companies agreed to assess the project’s viability after a “successful test flight” during Cop28 last December, which demonstrated the […] August 2, 2024 Economy ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […] July 19, 2024 Posts navigation 1 2 … 8 Next
Renewable Energy Masdar-led consortium to build Saudi solar plant Masdar, the UAE clean energy company, has won a contract with Chinese and South Korean partners to develop a 2GW solar project in Saudi Arabia. The company, along with its partners GD Power of China and the Korea Electric Power Corporation, will build the plant at Al Sadawi, about 500km north of Riyadh in the […] November 20, 2024
Infrastructure Saudi Arabia announces winning bidders for water pipeline State-backed Saudi Water Partnership Company expects commercial operations at its Jubail-Buraydah independent water pipeline project to start in the first quarter of 2029. The plan follows its announcement about the preferred and reserve bidders for the water project. A Saudi consortium, comprising Al Jomaih Energy & Water Company, Nesma Company and Buhur for Investment Company, […] November 13, 2024
Construction ADQ unveils plans for Ras El Hekma Egyptian project Abu Dhabi sovereign wealth fund ADQ has revealed plans for the Ras El Hekma mega development, which is expected to contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs both directly and indirectly. The sovereign fund has appointed Abu Dhabi-listed Modon Holding as the master developer for the 170 million sq m project. […] October 7, 2024
Renewable Energy Acwa Power-Sumitomo tie-up for Uzbekistan projects Saudi energy company Acwa Power and Japan’s Sumitomo Corporation will jointly develop renewable energy projects worth $4.2 billion in Uzbekistan. The first set of projects include Sazagan 1 and 2 in Samarkand, each consisting of a 500 megawatt (MW) solar PV plant and 334MW battery energy storage systems (BESS). These projects are slated to begin […] October 1, 2024
Finance ADQ’s $2bn bond issue draws fourfold demand Order books for the $2 billion bond sale by Abu Dhabi’s ADQ crossed $8 billion as it plans to diversify it funding sources to support new acquisitions. The sovereign wealth fund issued two tranches: a $1 billion seven-year bond at 85 basis points (bps) over US Treasuries and a $1 billion 30-year bond priced at […] September 26, 2024
EXCLUSIVE Renewable Energy Masdar ‘on the lookout’ for deals in China, says CFO Masdar, Abu Dhabi’s state-owned clean energy company, is looking to acquire assets in China as part of its strategy to expand its portfolio of renewable energy projects. Mazin Khan, its chief financial officer, told AGBI that “macroeconomic conditions, with high interest rates and renewable players looking for capital” were opening the door for mergers and […] September 5, 2024
Infrastructure UAE company involved in $1bn project in Uzbekistan A consortium, which includes an Abu Dhabi state-owned company, is set to develop a $1 billion wastewater treatment plant in Uzbekistan. The group, comprising Abu Dhabi Sustainable Water Solutions Company, Japan’s Marubeni Corporation and France’s Suez, signed a development agreement with Uzbekistan’s investment, industry and trade ministry and state-run Uzsuvtaminot JSC. The project, located in […] August 15, 2024
Energy Taqa first-half profit falls despite rising revenues Abu Dhabi National Energy Company (Taqa) said net profit attributable to shareholders fell 68 percent year on year to AED4.4 billion ($1.2 billion) in the first half of 2024. Revenues reached AED27 billion, up 2 percent than the prior year’s period, due to the contribution from Sustainable Water Solutions Holding Company, which was acquired in […] August 14, 2024
Renewable Energy Masdar and TotalEnergies team up to produce SAF Masdar, the UAE’s state-backed clean energy company, has partnered with the French energy major TotalEnergies to develop the commercial production of sustainable aviation fuel (SAF) using methanol produced from green hydrogen in Abu Dhabi. The two companies agreed to assess the project’s viability after a “successful test flight” during Cop28 last December, which demonstrated the […] August 2, 2024
Economy ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […] July 19, 2024
