Abu Dhabi’s Taqa buys UK’s Transmission Investment

Abu Dhabi National Energy Company (Taqa) has fully acquired Transmission Investment (TI), a UK-based energy and utility investment company, giving the UAE company access to the European market.

TI is one of the largest players in transmission systems, which connect offshore wind farms to the UK grid.

The UK company will become part of Taqa Transmission, a subsidiary that will develop and operate high-voltage power and bulk water transmission infrastructure, Taqa said in a statement.

The buyout gives the UAE company a foothold in the UK electricity transmission sector and access to European and global markets.

No financial details were given.

TI was founded in 2009 and has AED15 billion (£3 billion) of assets under management in a portfolio of 11 operating offshore transmission assets.

The International Renewable Energy Agency (Irena) estimates that from 2024 to 2030, about $717 billion per year must be invested in grid infrastructure, said Afif Saif Al Yafei, CEO of Taqa Transmission.

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TI founder and managing director Chris Veal will continue to lead the British company.

Taqa has also been linked to a bid to take a minority stake in Naturgy, a Spanish utility which owns two pipelines that transport fuel from Algeria to Spain, and separately with taking a stake in Uniper, a German government-owned power company.

Earlier this year Taqa Transmission and oil major Adnoc completed laying 1,000 kilometres of cables as part of a $4 billion project to power and decarbonise Adnoc’s offshore production operations.

In the GCC, Taqa achieved financial close for the Juranah independent water reservoir project in Saudi Arabia, which is intended to improve transmission and distribution of potable water in the Mecca region.