Abu Dhabi’s ADQ enters into deal to monetize minority stake in TAQA

By Shilpa Annie Joseph, Official Reporter
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Abu Dhabi-based investment and holding company, ADQ has entered into an agreement to monetize a stake of 8.6 percent in Abu Dhabi National Energy Company (TAQA) to Multiply Group, Abu Dhabi Pension Fund, and other prominent investors.

TAQA is a diversified utilities and energy group headquartered in Abu Dhabi and listed on the Abu Dhabi Securities Exchange. It has significant investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations.

Further, the company operates in 11 countries globally and has recently taken a controlling stake in Masdar’s renewable business, along with ADNOC and Mubadala, which aims to become a global leading clean energy company, targeting more than 50 Gigawatts capacity by 2030.

Mr. Mohamed Hassan Alsuwaidi, the Managing Director and CEO of ADQ, said that “the transaction underlines our efforts to attract long-term institutional partners and leverage monetization opportunities that ensure we generate sustainable capital growth and a balanced portfolio of diversified investments.”

“We also believe this transaction will support our aspiration to facilitate increased free float in TAQA and Abu Dhabi’s capital markets,” Mr. Alsuwaidi further added.

As a majority-owned portfolio company of ADQ serving as its key growth platform within the utilities sector, TAQA remains a key asset within ADQ’s energy and utilities portfolio supporting its activities in accelerating the UAE’s clean energy transition while generating sustainable financial returns.

Earlier this year, ADQ launched the ‘ADQ Growth Lab’, a community of innovators spanning the company’s broad portfolio. As part of the ADQ Growth Lab, ADQ will invest around $27.2 million (AED 100 million) to fund R&D testbed projects.

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